U.S. business activity stayed in expansion in October, but the final composite purchasing managers' index (PMI) came in below both its preliminary reading and September's result, indicating weaker monthly momentum.
The composite PMI was 55.9, down from an initial estimate of 57.6 and September's 58.4. Manufacturing output and services activity both continued to grow, though each did so at a slower pace.
The score remained above 50, the level that separates expansion from contraction. PMI scores are index values rather than percentages, so 55.9 does not mean activity rose 55.9%.
The final figure updates the flash PMI estimate reported earlier by EconoTimes.
