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United States PMI October 2023

United States: Composite PMI rises in October

The S&P Global Flash Composite Purchasing Managers’ Index (PMI) rose to 51.0 in October from September’s 50.2. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in private sector operating conditions compared to the previous month.

Meanwhile, the Manufacturing PMI stood at 50.0 in October, up from September’s 49.8, while the Services PMI rose to 50.9 in October (September: 50.1).

In October, private sector firms reported higher output and employment, lower inflationary pressures, and the joint-highest confidence levels since May 2022. That said, export orders were subdued, amid a strong dollar and soft growth in key export markets.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “Hopes of a soft landing for the US economy will be encouraged by the improved situation seen in October. The S&P Global PMI survey has been among the most downbeat economic indicators in recent months, so the upturn in US output growth signalled at the start of the fourth quarter is good news. Future output expectations have also turned up despite rising geopolitical concerns and domestic political tensions.”

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