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U.S. Services Growth Picks Up, Supply Constraints Dog Factories

  • IHS Markit’s October composite PMI at three-month high
  • Manufacturing cools, price pressures build across economy
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Business activity at U.S. service providers expanded the most in three months, while manufacturing growth cooled on lingering supply and labor constraints that are fueling even greater inflationary pressures across the economy. 

The IHS Markit flash services purchasing managers strengthened to 58.2 from 54.9 a month earlier, the group reported Friday. The gauge of manufacturing activity slipped to a seven-month low of 59.2. Readings above 50 indicate growth.