The U.S. economy got off to a good start in the fourth quarter, a pair of S&P Global surveys found, and pointed toward brisk growth at the tail end of the year.
The first reading of the S&P U.S. services index of purchasing managers increased to 55.3 in October from 55.2 in the prior month.
The service side of the economy — banks, retailers, restaurants and the like — employs most Americans and has driven the expansion since the pandemic.
The preliminary U.S. manufacturing PMI stayed in negative territory, but it increased to a two-month high of 47.8 in October from 47.3 in the prior month.
The S&P Global PMI surveys provide an early snapshot of economic performance each month. Read more.