According to the preliminary data for October published by IHS Markit Economics on Friday, the manufacturing purchasing managers' index (PMI) decreased by 2.47 percent to 59.2 points, while services purchasing managers' index (PMI) increased by 6.01 percent to 58.2 points.

During this period, market expectations were set at 60.3 points for the manufacturing PMI and 55.1 points for services PMI.




Analyzing the details of Markit's report, it was noted that in October, there was a sharp and fastest rise in production in the service sector, but still weak compared to year-over-year levels, while firms had difficulty meeting order demand due to supply chain bottlenecks and weakness in labor supply. However, new orders also slowed slightly, reaching the weakest level since December 2020, but still remained strong.
 
The report also noted that companies' hiring efforts accelerated as strong sales put pressure on job capacity in October, while employment increased at the fastest rate since June.

On the other hand, October data point to stronger inflationary pressures in the US economy, Markit said, noting average input prices, supply problems, shortages of goods and higher shipping charges. Markit also signaled that inflation in the sales prices of goods and services reached a new peak.

Finally, concerns about ongoing supply problems, labor shortages and price pressures fell to an eight-month low in the context of many companies' sentiment about next year's production.