Nov 4, 2021 - Economy
Business activity surged in October
Add Axios as your preferred source to
see more of our stories on Google.
The Delta variant’s impact on the economy is receding into the past — business activity surged in October, per a closely watched index.
Driving the news: The ISM Services PMI, an index that measures all nonmanufacturing activity, jumped by a record 4.8 points to a reading of 66.7 (also an all-time record high).
The big picture: “The surge in the index sends a positive signal about the post-Delta economy, with the business activity and new orders components soaring,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a research note.
- Yes, but: Supplier delivery times were slower, prices paid were higher, and the order backlog was larger — all indicating the persistence of supply chain problems, he added.
