In October, US PMI data showed modest improvement across sectors. Manufacturing PMI rose slightly from 47.3 to 47.8, while Services PMI edged up from 55.2 to 55.3, leading to an increase in Composite PMI from 54.0 to 54.3. These numbers point to a continued expansion of business activity in the US.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, noted that October saw business activity grow at an “encouragingly solid pace,” with PMI data indicating GDP growth at an annualized rate of about 2.5%.
He added that businesses are increasingly optimistic about the year ahead, particularly in the manufacturing sector. Confidence is improving as companies expect a more stable post-election environment, which could help reverse the current slowdown in production and sales.
