US Business Activity Expands at Fastest Rate in 20 Months

The seasonally adjusted IHS Markit Flash United States Composite Output Purchasing Managers’ Index (PMI) posted 55.5 at the start of the final quarter of 2020, up from 54.3 in September,

This is signaling the fastest increase in private sector business activity since February 2019.

Service sector firms recorded a marked and accelerated rate of expansion in output.

The upturn was largely driven by service providers, though manufacturing firms also reported a further solid increase in production.

Meanwhile, The seasonally adjusted IHS Markit Flash U.S. Services PMI Business Activity Index registered 56.0 in October, up from 54.6 in September, and the IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) posted 53.3 last month, up fractionally from 53.2 in September.