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US economic activity climbs to record high

US economic activity climbs to record high

Economic activities in the United States hit a record high in October to downplay uncertainty about U.S. election and stimulus, as well as the rising risk from the elevating Covid-19 infection cases. 

The Composite PMI, including both manufacturing and services sectors activities, surged to 55.5 from 54.3 in September, according to the flash estimate for October. That is the highest level since February 2019. 

The services sector contributed more the upbeat figures as it widened expansion to 56.0 from 54.6, while the manufacturing gauge inched up to 53.3 from 53.2.

“Business optimism surged higher, indicating that firms have become increasingly positive about prospects for the coming year amid hopes of renewed stimulus, COVID-19 containment measures gradually easing and greater certainty for businesses and households after the presidential elections,” said Chris Williamson, chief business economist at IHS Markit. 

As of 14:55 GMT, the dollar index managed to snap most of its earlier losses, as it traded at 92.92 after recovering from the session’s low of 92.62. 

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