(IHS Markit) US Services PMI was at a three-month high in October, with the PMI reaching 58.7, up from September’s 54.9.
The improvement in service business activity in October reflected strong client demand and growth in new business.
The pace of new orders was at a three-month high, with demand coming from new and existing clients.
Job creation was the fastest since June, with firms facing difficulties in finding suitable candidates.
Cost inflation hit an eight-month low, but the pace of increase was the quickest since March this year. Output charge rose the fastest on record.
Labor shortages and supply chain disruptions were highlighted, pushing the level of business confidence to an eight-month low.
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