US economic growth accelerates!
According to S&P Global, the overall growth rate of business activity in the country reached its highest level in more than five years.
Business activity in the US economy accelerated in September. According to S&P Global, the overall growth rate of business activity in the country reached its highest level in more than five years. The composite PMI rose from 56.0 to 58.4. Meanwhile, the services activity index reached 58.7, its highest level since 2021. Employment growth also accelerated to its fastest pace since June 2022. The manufacturing PMI climbed to 57.0, while factory output recorded one of its strongest increases in the post-pandemic period. However, companies reported significant supply chain problems.
Supplier delivery times lengthened, finding suitable workers became more difficult, and raw material costs increased. S&P Global Chief Economist Chris Williamson said that, excluding the post-pandemic reopening period, the September increase in business activity was the strongest since early 2015. Strong consumer spending, investment in artificial intelligence and defense spending also supported economic activity. At the same time, energy prices and supply constraints raised concerns about further inflationary pressures.