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US private sector output growth hampered by severe supply chain hold-ups and capacity shortages
Private sector firms in the U.S. signalled a solid expansion in output during September, albeit at the slowest pace for a year and one that was much softer than that seen at the start of the summer. The overall upturn was weighed on by the weakest increase in service sector business activity in the current 14-month sequence of growth. Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 54.5 in September, down from 55.4 in August and much lower than May’s record high. The rate of output growth was the softest since September 2020, amid a notable slowdown in the pace of ... (full story)