U.S. business activity was steady in September, but average prices charged for goods and services rose at the fastest pace in six months, potentially hinting at a pickup in inflation in the coming months.
Uncertainty about the Nov. 5 presidential election is, however, weighing on business sentiment. The services sector continued to expand at a steady pace, though manufacturing slumped to a 15-month low. Rising costs, mostly in the services sector linked to wage raises, were attributed for the increase. At face value, this would suggest that price pressures were building up again, but there is growing evidence that inflation is cooling.
The U.S. central bank last week cut interest rates by 50 basis points to the 4.75 per cent-5.00 per cent range, the first reduction in borrowing costs since 2020, which Fed Chair Jerome Powell said was meant to demonstrate policy-makers’ commitment to sustaining a low unemployment rate.
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