Markit Services PMI: "Business activity growth regains momentum in October"

The October US Services Purchasing Managers' Index conducted by Markit came in at 54.8 percent, up 1.3 from the final September estimate of 53.5. The consensus was for 54.7 percent. Markit's Services PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

Here is the opening from the latest press release:

The U.S. service sector reported a strong expansion in business activity in October. The rate of growth rebounded from September’s weatherrelated weakness, but was also buoyed by a sharp rise in new business. [Press Release]

Here is a snapshot of the series since mid-2012.