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Business activity expands at fastest pace since 2021
S&P Global said the composite purchasing managers index climbed to 58.4, the fastest pace since July 2021, as hiring and new orders strengthened.
- On Wednesday, S&P Global reported the U.S. composite purchasing managers index rose to 58.4 in September, marking the fastest business activity growth in over five years.
- Strong consumer spending, AI-fueled business investment, and defense outlays bolstered U.S. businesses this year as manufacturing and services sectors shrugged off global inflation pressures.
- Despite the expansion, companies reported worsening supply chain bottlenecks and staffing challenges, yet strong demand continued to outweigh energy-cost increases and Iran war-related disruptions.
- Fed Chairman Kevin Warsh said the Federal Reserve implemented a quarter-point interest rate increase this past week to mitigate secondary effects from the oil price shock.
- The Atlanta Fed's GDPNow Model indicates third-quarter growth will be about 5 percent, while elevated fuel and transport costs could lead to higher selling prices in coming months.
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26 Articles
26 Articles
According to S&P Global data, the composite MIP increased from 56.0 August to 58.4 September.
·Los Angeles, United States
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US business activity expands fastest in five years
Respondents primarily blamed higher fuel and transport costs, though a pickup in wages was also noted by many firms. "Business is clearly booming now in both manufacturing and services," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.
·India
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(New York = Yonhap News) Correspondent Kim Yeon-sook = The U.S. economy expanded at its fastest pace in over five years in September, with growth in both the manufacturing and service sectors...
·Seoul, Korea (the Republic of)
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Coverage Details
Total News Sources26
Leaning Left1Leaning Right5Center1Last UpdatedBias Distribution72% Right
Bias Distribution
- 72% of the sources lean Right
72% Right
14%
14%
R 72%
Factuality
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