U.S. services PMI unexpectedly rises in October: Markit

U.S. services PMI unexpectedly rises in October: Markit

International News

U.S. services sector activity in October unexpectedly strengthened, data Wednesday showed. Market research group Markit’s flash services purchasing managers’ index (PMI) rose to 54.8 in October. The services PMI in the previous month gave a reading of 52.3. Analysts had expected the PMI to remain unchanged in October. A reading above 50.0 indicates expansion, one below a contraction. Services make up approximately 80% of the U.S. economy.