Growth in the US economy appeared to accelerate in October, with growth in both services and manufacturing, an early reading of S&P Global’s business surveys showed on Tuesday.
The S&P flash services sector index rose to 50.9, the highest reading in three months and up from 50.1 the previous month.
The manufacturing index rose to 50, above the threshold that divides growth from contraction. This is the best reading in six months and above the previous month’s reading of 49.8. The index has been negative, indicating a contraction, since last spring.
S&P Global surveys are some of the first indicators of economic growth each month. The return to growth in the manufacturing index and the increase in the services index suggest that Federal Reserve officials may need to rethink their view that the economy would slow in the fourth quarter.
Fed officials can take comfort from the inflation components of the surveys, which indicated softer inflationary pressures. Several Fed officials have indicated, however, that they do not believe inflation will continue to fall if growth does not slow.
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