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US business activity growth rate accelerates to record high in May
May PMI™ data indicated the fastest rise in business activity since data collection for the series began in October 2009. The unprecedented expansion in output was supported by a marked increase in new business, in turn buoyed by the quickest rise in new export orders for nine months. Greater business requirements resulted in a further sharp rise in employment. That said, the pace of job creation softened as firms reported difficulties filling vacancies. Strain on capacity was also reflected in another monthly rise in backlogs of work. At the same time, the rate of input cost inflation accelerated to a series high ... (full story)