PMI™ data from Markit signalled that commercial & professional services topped the growth rankings in October, while food remained the best-performing manufacturing sector. Output fell in just two sectors but 14 other sectors registered slower rates of expansion than in September, while just six sectors reported faster rates of expansion.

Commercial & professional services registered the strongest rise in activity of all sectors monitored in October, and has been in the top two rankings throughout the past four months. The growth rate dipped compared with September but remained stronger than the trend shown over 2014 so far.

Telecommunication services registered the strongest increase in activity since March 2012, and rose to second in the rankings. It also saw the joint-largest increase in the Output Index of any sector since September, alongside healthcare services.

Insurance was the third-fastest growing global sector in October, bucking a wider financial slowdown. In contrast, banks and real estate registered the weakest growth rates in nine and 12 months respectively. Financial services as a whole saw the slowest rate of expansion for a year as a result.

Food production remained the highest-ranked manufacturing sector in October. The rate of output growth in the sector eased to a three-month low, but remained strong overall and in line with the trend over 2014 so far.

Two sectors suffered from falling output in October. Production in forestry & paper products fell for the first time since September 2013, declining at the fastest rate since November 2011. Media activity meanwhile declined for the second month running, albeit at a weaker rate than in September.

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Trevor Balchin, Economics Director at IHS Markit
Tel: +44 149 1461065
Trevor.Balchin@ihsmarkit.com