October U.S. PMI Composite Flash: 55.5 vs. 54.2 consensus, 54.3 prior.
Comes in at a 20-month high.
Manufacturing PMI: 53.3 vs. 53.2 consensus, 53.5 prior.
Services PMI: 56.0 vs. 54.6 consensus, 54.6 prior.
"Although the upturn in activity quickened, the pace of new business growth eased slightly in October," according to IHS Markit.
"Slower expansions in new orders were seen among manufacturers and service providers, with some firms stating that the ongoing impact of the coronavirus disease 2019 (COVID-19) pandemic had weighed on demand."
From IHS Markit Chief Business Economist Chris Williamson: "A slowdown in hiring and weaker new order inflows were in part attributable to hesitancy in decision making ahead of the presidential election."
"More encouragingly, 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," he added.
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