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Technology sector signals strongest growth in U.S.

Staff Writer |
The U.S. technology sector signalled steep output growth in October, according to the latest US Sector PMITM data from IHS Markit.

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The pace of expansion accelerated for the third month running to the fastest since September 2014.

Moreover, it was the highest ranked sector in terms of growth performance.

The financials sector continued to expand sharply, despite the growth rate easing from September.

Overall, the sector indicated the second-quickest upturn.

Consumer services signalled a further increase in output levels, with firms in the sector reporting strong and accelerated growth.

Production levels in the basic materials sector continued to grow in October, but the pace of the expansion softened from September’s strong rate.

Following modest output growth in September, upturns in the consumer goods and healthcare sectors accelerated and were solid overall.

That said, the rates of increase were weaker than the long-run series average for both sectors. â– 

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