Service sector survey
- Sept final reading was 54.9
- Composite PMI 57.6 vs 57.3 prelim
The ISM survey is due at the top of the hour and expected at 62.0 from 61.9 in September.
Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:
"The final PMI data add to indications that the US economy has picked up speed again in the fourth quarter. After the Delta variant caused growth to slow in the third quarter, the easing of virus case numbers has been followed by a strong revival of economic activity, notably in the service sector, which looks set to be the driving force of the economy as we head towards the end of the year.
"While the service sector is seeing a waning impact from the pandemic, it's a different story in manufacturing, where the supply crisis continues to cause havoc and dampen production growth. Supply delays worsened in October, which has in turn fed through to a further intensification of inflationary pressures.
"Going forward, the big questions will revolve around the extent to which manufacturers can overcome their supply chain bottlenecks, which look set to worsen as we head towards the busy holiday period, and whether the service sector can sustain its current resilience as the rebound from the pandemic starts to fade and incomes are squeezed by higher prices."