According to IHS Markit’s business growth saw a significant uptick in October, the best its seen since February 2019.

The IHS Markit composite output index registered at 55.5, up from 54.3, the best number it has produced in almost 9 months. The index of service industry activity also gained from 54.6 to 56, and the purchasing manager’s index for the manufacturing sector rose from 53.2 to 53.3.

The index is a gauge of month-over-month changes in activity, not a summary of overall output. A reading of 50 indicates no change in business activity, while anything above 50 is a positive change and numbers below 50 indicate an economic contraction.

Chris Williamson, HIS Markit chief business economist said that last week’s report indicates that the US economy “started the fourth quarter on a strong footing.”

Markit is almost unique in showing a V-shaped economic bounce-back due to the trend being fueled by the rebound in output. Most of the other indices of business activity indicate that economic output still remains significantly under the pre-pandemic levels.