US: Service sector business activity growth remains strong in October - Markit

"The seasonally adjusted IHS Markit U.S. Services Business Activity Index registered 55.3 in October, unchanged from that seen in September," Markit Economics reported on Friday.

Key highlights

October survey data indicated a further rise in business activity across the US service sector. 

New business received by service providers continued to rise in October. 

Operating costs increased further in October, but the rate of inflation softened to the slowest since March. 

Subsequently, firms sought to pass higher costs onto clients through a rise in average prices charged.

Meanwhile, workforce numbers grew at a solid rate that had accelerated from that seen in the previous survey period.

Job creation was linked to greater business requirements and rising client demand.