US services sector activity picks up more than expected in October - IHS Markit

Activity in America's services sector accelerated last month at its fastest clip since April 2015, the results of a closely-followed survey revealed.

IHS Markit's Purchasing Managers' Index for the sector was revised up to a print of 56.9, up from a preliminary reading of 56.0.

However, the survey compiler highlighted the slower upturn in new export business and easing capacity restraints despite more robust demand.

On the flip-side, new business picked up for a second month running, rising at its fastest pace since February 2019, offset by lower new export orders.

Optimism for the year ahead also improved, with a sub-index tracking firms' confidence improving to its strongest level since April 2018.