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IHS Markit: US corporate activity accelerated in October to a 20-month high
Corporate activity in the United States rose in October to a 20-month high, but the pace of new business growth and new purchase orders eased slightly in light of the ongoing Covid-19 pandemic and caution ahead of the November 3 presidential election.
Data firm IHS Markit said on Friday (October 23rd) that the preliminary reading of its purchasing managers' composite index, which tracks output from the US manufacturing and services sectors, rose to 55.5 this month.
It was the highest reading since February 2019, and up from 54.3 in September.
Any reading above the 50 level indicates growth in private sector production.
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