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- The U.S. service sector reported a strong expansion in business activity in October - Markit
The U.S. service sector reported a strong expansion in business activity in October - Markit
The rate of growth rebounded from September’s weatherrelated weakness, but was also buoyed by a sharp rise in new business. Capacity was often reported to have come under some strain, however, and difficulties finding suitable candidates were partly to blame for the rate of job creation easing to a ninemonth low. Meanwhile, price pressures intensified, with rates of both input cost and output charge inflation accelerating.
The seasonally adjusted final IHS Markit U.S. Services Business Activity Index registered 54.8 in October, up from September’s recent low of 53.5 and broadly in line with the earlier ‘flash’ reading of 54.7. Output growth regained momentum to run just below the average for 2018 so far. Service providers commonly linked the rise in business activity to increased new business and a pick up in demand after inclement weather in September.
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