Economic activity in the U.S. grew at the fastest pace in more than a year and a half as businesses anticipated greater demand, an easing of coronavirus-related restrictions and less uncertainty following November’s election, surveys of purchasing managers showed. The U.S. survey figures are the latest sign the economy continues to recover from the shock created by the coronavirus pandemic. The rush in optimism stands in contrast with Europe, where a resurgence of coronavirus cases and new business restrictions are threatening to halt the region’s economic recovery. Data firm IHS Markit said Friday that its composite Purchasing Managers Index for the U.S. rose to 55.5 in October from 54.3 in September, the highest level in 20 months. A reading above 50.0 indicates that activity is increasing, while a reading below points to a decline.

Source: Wall Street Journal October 23, 2020 08:58 UTC