According to a survey, the economy is accelerating in October. At 51, the PMI reached its highest value since July.
A poll showed that the US economy increased its growth pace in October. The Purchasing Managers’ Index rose 0.8 to 51.0 points, financial services firm S&P Global announced Tuesday in its monthly corporate survey. This is the highest value since July. The measure is now well above the 50-point growth threshold. Preliminary data on third-quarter GDP is scheduled to be published on Thursday. Despite the sharp increase in key US interest rates, the economy is likely to have increased its growth rate in the summer.
Experts polled by Reuters expect an increase in gross domestic product of 4.3% year-on-year. This means that the pace will double after 2.1% in the spring. According to the Federal Reserve’s current economic report, the economy has not budged much over the past month and a half.