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U.S. healthcare companies’ business activity contracts at rapid pace in October
Healthcare companies in the U.S. saw the most rapid contraction in business activity in more than three years in October, showed the latest U.S. Sector PMI. Although the fall was just modest overall, it was the first such fall since March 2017, with healthcare the only monitored sub-sector registering a downturn in output. At the other end of the spectrum, consumer goods manufacturers saw the most rapid growth in production in October. The pace of growth accelerated to a strong rate that was the fastest in eight months.
Industrials and technology firms noted a more rapid rises in output. The upturn in the former was only marginal overall in spite of the accelerating to a three-month high. Business activity among technology firms rose modestly and at a similar rate to that seen in September. In the meantime, consumer services firms showed the slowest rate of growth in the current five month sequence of growth. Moreover, the rise was just fractional overall.
Basic materials and financials firms registered weaker upturns in output in October. Growth rates were just marginal and modest, respectively.