October data pointed to a marked improvement in growth momentum across the U.S. service sector. Business activity and incoming new work both expanded at the fastest pace for 11 months.
The latest survey also revealed an upturn in confidence towards the year-ahead business outlook, with service providers reporting the strongest optimism since August 2015. Input cost pressures meanwhile picked up from the 19-month low recorded in September, which contributed to a slightly faster rise in prices charged by service sector companies during October.
At 54.8, up from 52.3 in September, the seasonally adjusted Markit Flash U.S. Services PMI™ Business Activity Index1 signalled a robust expansion of service sector output in October. The latest reading was the highest since November 2015 and contrasted with the subdued growth patterns seen through the third quarter of 2016 (index at 51.5 on average).
The post Marked improvement in growth momentum across the U.S. service sector – Markit appeared first on forex-analytics.press.