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US output growth quickens on stronger demand conditions, but price hikes intensify in April
The US service sector upturn strengthened in April, according to the latest PMI™ data from S&P Global, as output, new orders and employment growth all accelerated. The rate of expansion in new orders was the sharpest for almost a year. Stronger demand conditions put pressure on capacity as backlogs of work rose again, spurring a quicker increase in employment. The rate of job creation was the fastest since last August. Firms were also more upbeat regarding the yearahead outlook for output. Concurrently, inflationary pressures regained momentum. Service sector input costs rose at the steepest rate for three ... (full story)