US business activity slowed in October as the S&P Global Composite PMI Output Index showed a slight cooling. Despite this, strong demand helped firms raise prices. New orders rose while the services sector grew. Manufacturing employment also got a boost, though experts said, "inflation concerns remain due to ongoing supply chain issues."
Synopsis
US business activity experienced a slight slowdown in October, though strong demand allowed price increases. The S&P Global Composite PMI Output Index indicated sustained economic expansion, even amid challenges. New orders received by businesses rose slightly, with the services sector seeing growth. Although price pressures persisted, employment in manufacturing increased significantly, highlighting capacity expansion. Economists anticipate further inflation concerns due to ongoing supply chain issues and geopolitical tensions.