US: Markit services PMI rises to 54.8 in October

Adjusted Markit Flash US Services PM Business Activity Index signalled a robust expansion of service sector output in October.

The Services PMI gauged by Markit rose to 54.8 in October, according to a preliminary estimate, above the 52.3 of consensus and expected.

“The latest reading was the highest since November 2015 and contrasted with the subdued growth patterns seen through the third quarter of 2016 (index at 51.5 on average),” said Markit in a statement.