The American economy continued to boom in October, with business activity expanding at one of the fastest rates in more than four years, manufacturing conditions reaching their strongest level since 2022, and factory hiring accelerating to its fastest pace in nearly 15 years.
\n\nThe S&P Global flash U.S. Composite Purchasing Managers’ Index came in at 57.6 in October, down slightly from September’s 58.4 but still the second-highest reading since March 2022. Readings above 50 indicate expansion, with higher numbers signaling more widespread growth.
\n\nThe survey pointed to vigorous growth across both manufacturing and services, supported by strong domestic demand, rising exports, and an acceleration in new orders.
\n\n“October’s flash PMI data indicate that the US economy continues to boom at the start of the fourth quarter,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
\n\nWilliamson said the survey results were consistent with gross domestic product expanding at a 5 percent annualized rate in the fourth quarter, following an estimated 4 percent expansion in the third quarter.
\n\nExcluding the reopening of the economy following the pandemic, recent months have produced the strongest sustained period of business growth since early 2015, according to S&P Global.
\n\nThe manufacturing sector delivered…
Original source: https://www.breitbart.com/economy/
