U.S. business activity accelerated in October even as consumers turned slightly more downbeat, a split tone that points to steady corporate output and fragile household confidence amid lingering inflation pressures and the ongoing federal government shutdown.
S&P Global’s flash U.S. Composite Purchasing Managers’ Index (PMI), released on Oct. 24, rose to 54.8 in October from 53.9 in September, marking the strongest pace of growth since July. Readings above 50 indicate expansion, with the October reading suggesting a quickening of economic activity heading into the final quarter of the year.
“October’s flash PMI data point to sustained strong economic growth at the start of the fourth quarter, with business activity picking up momentum across both manufacturing and services despite some reports of businesses being adversely impacted by the government shutdown,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement….