According to a survey, the economy picks up speed in October. At 51, the Purchasing Managers’ Index hit its highest level since July.
According to a survey, the US economy picked up its pace of growth in October. A purchasing managers’ index rose 0.8 to 51.0 points, financial services provider S&P Global reported in its monthly firm survey on Tuesday. This is the highest value since July. The barometer is now above the growth limit of 50 points. Preliminary data on gross domestic product for the third quarter will be released on Thursday. Despite a sharp increase in key interest rates in the US, the economy may have picked up its growth rate over the summer.
Experts polled by Reuters expect gross domestic product to increase – annualized – by 4.3%. This will double the pace after 2.1% in the spring. According to the Federal Reserve’s current economic report, the economy has barely slowed in the last month and a half.