PMIs Show US Business Activity Accelerated In October At Second-Fastest Pace This Year

US business activity growth accelerated in October to the second-fastest so far this year, according to early ‘flash’ PMI data, accompanied by the largest rise in new business seen in 2025 to date.

Both Services and Manufacturing surveys increased more than expected in the preliminary October data (with Services continuing to lead)...

according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, “withbusiness activity picking up momentum across both manufacturing and services despite some reports of businesses being adversely impacted by the government shutdown.”

The survey data are consistent with the economy expanding at a 2.5% annualized rate in October after a similar rise was signalled for the third quarter.

But it wasn't all unicorns and fairytales:

Finally, Williamson notes that there has been no pass-through of tariff-induced inflation to consumers

Solid 'soft' data amid a vacuum of 'hard' data dude to the govt shutdown.