US business growth steadies in October as prices jump to highest since 2022

In October, the S&P Global flash composite index fell 0.8 point to 57.6, remaining just above the expansion threshold and marking the second-highest level since 2022. Selling-price inflation accelerated to its fastest rate in more than four years, spurred by sharp increases in energy, transportation and raw-material costs. Supplier delivery times stretched to their longest since 2022, as material and labour shortages, overloaded suppliers and shipping delays worsened bottlenecks.

Nevertheless, U.S. companies are experiencing their strongest growth period since 2015, supported by robust consumer spending, AI-driven investment and heightened defence outlays. New orders surged at the quickest pace in four-and-a-half years, prompting firms to add workers; the employment composite reached its second-highest level in four years, and manufacturing hiring hit its fastest rate since 2012. Looking ahead, AI and related technologies are expected to sustain demand and broader economic activity into next year.