Business activity in the United States' (US) private sector expanded at a healthy pace in October, with the S&P Global Composite Purchasing Managers' Index (PMI) improving to 54.8 in the flash estimate from 53.9 in September.
In this period, the S&P Global Manufacturing PMI edged higher to 52.2 from 52, while the Services PMI climbed to 55.2 from 54.2. Both of these prints came in better than analysts' estimates.
Assessing the survey's findings, "October's flash PMI data point to sustained strong economic growth at the start of the fourth quarter, with business activity picking up momentum across both manufacturing and services despite some reports of businesses being adversely impacted by the government shutdown," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence," said.
Market reaction to US PMI data
The US Dollar Index recovered slightly from session lows after the upbeat PMI data and was last seen trading flat on the day at 98.94.
Source: FXstreet
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