October’s business activity in the U.S. had the strongest growth since February 2019, according to Investing.com. Business expectations grew to more than a two-year high, maintaining a solid pandemic recovery at the start of Q4.
- Business optimism rose, demonstrating that firms have become increasingly positive about the coming year’s prospects.
- The composite index of future activity rose to the highest level since May 2018.
- IHS Markit flash composite index of purchasing managers for manufacturers and service providers rose from 54.3 to 55.5.
- IHS Markit’s flash services PMI rose by 14 points to 56 in October, a 20-month high.
- IHS Markit’s manufacturing index rose to 53.3, the fourth straight month of expansion and highest since January 2019.
- Employment growth measures are moderated for service providers and manufacturers.
U.S. Stocks are declining. SPY is down 1.19%, QQQ: NASDAQ is down 0.97%, DIA is down 1.26%