(IHS Markit) US Composite Output Index in October was 57.3, a three-month high and a gain from 55.0 in September.
The gains in the composite index were fueled by the services sector, with the activity index edging to a three-month high of 58.2 in October, from 54.9 in September.
Manufacturing Output Index was at its lowest in 15 months at 52.3, down from 55.7 in September. The Manufacturing PMI plunged to a seven-month low of 59.2, from 60.7 in September.
Inflation rose at a record rate, with material shortages, supply issues, rising wage bills, and higher transport costs fueling the price increase.
Backlogs also rose at the fastest on record as firms struggled with labor shortages and supply chain constraints.
Inflows of new work to private entities increased, while the pace of new order growth slowed slightly to the weakest since December 2020.
Business output sentiment over the next year plunged to the joint lowest in eight months, with the gauge affected by labor issues, supply constraints, and high inflation.
SPY is up +0.013%, DXY is down -0.16%.
