US business activity ticks up while euro zone gauge fans recession fears

WASHINGTON/LONDON Oct 24 - U.S. business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday, underscoring the diverging path for central bankers in the two regions and fanning fears the bloc may slip into recession.

Later this week the Commerce Department will offer up its scorecard of economic activity for the third quarter, with economists polled by Reuters estimating gross domestic product growth was the swiftest in nearly two years in the period from July through September. The S&P Global survey suggests that momentum has carried over into the start of the fourth quarter.

Outside of the COVID-19 pandemic months it was the lowest reading since March 2013. It was well below the 50 level, and confounded expectations in a Reuters poll for an uptick to 47.4. In Britain, outside the European Union, businesses also reported another decline in activity this month, underlining the risk of recession ahead of the Bank of England's interest rate decision next week.

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