The rebound in the S&P Global composite PMI to a 3-month high of 54.8 in October, from 53.9, puts it at a level that has historically been consistent with GDP growth of around 3% annualised. The correlation between the two post-covid has been weak, however, so the Fed is still likely to cut rates next week, particularly with employment growth lagging so far behind activity.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services