US Flash Composite PMI Softens to 57.6 in October Amid Resurgent Selling Price Inflation

U.S. private-sector activity expanded solidly in October as the S&P Global flash Composite PMI reached 57.6, easing from 58.4 in September. The Manufacturing PMI advanced to a 53-month high of 56.0, surpassing expectations of 55.5 to 55.6. Services activity eased to 57.9 from prior readings of 58.8 to 59.8. New orders increased at their fastest rate in more than four-and-a-half years, pointing to annualized GDP growth near 5%. However, selling-price inflation surged to its fastest pace since August 2022 across both sectors.