Key findings

• 17 sectors register higher output in October, highest total since April 2019
• Automobiles & auto parts remains top of global sector output growth rankings
• Tourism & recreation stays rooted at bottom of league table

The latest sector PMI™ data from IHS Markit signalled higher output in 17 out of 21 sectors in October, up from 14 in September and the largest total since April 2019. Of these, eight registered stronger rates of growth.

Automobiles & auto parts remained top of the global sector rankings in October, posting the fastest rise in output of all sectors monitored for the third time in four months. The rate of growth was unchanged from September's 117-month record. The rate of growth of new orders slowed from September's 129-month high, but remained sharp as export sales accelerated. Employment fell slightly for the first time in three months, contributing to a stronger rise in backlogs. The 12-month outlook for production weakened to a four-month low, however.

Banks registered the second-fastest rate of growth of any sector in October, and was the top-ranked service sector for the second month running. Real estate also posted a strong rise in activity during the month, lifting overall growth of the broad financials group to the strongest for three years.

Other strong performers during October were chemicals and machinery & equipment, which registered the strongest rates of output growth in 34 and 33 months, respectively.

The only sector to record a notable fall in activity during the month was tourism & recreation. It also registered the sharpest rate of job shedding of all categories. That said, new business rose — albeit marginally — for the first time since January and business expectations were the strongest in 28 months.