Businesses saw a record rise in October in the backlog of unfilled orders and prices paid for parts and materials.
The large service sector of the U.S. economy sped up in October after hitting a bump caused by the coronavirus delta variant a month earlier and manufacturers also expanded activity rapidly, but ongoing labor shortages and supply bottlenecks acted as a drag on growth.
A similar survey of manufacturing activity slipped to 59.2 from 60.7, but it was still quite high. Any reading over 50 signals growth and numbers are above 55 are exceptional. “Firms struggled to meet demand due to supply chain bottlenecks and labor shortages, in turn driving the steepest rise in prices yet recorded by the survey,” IHS said.The situation has become so severe the Biden administration recently pressured the nation’s largest ports in Los Angeles to work 24 hours a day seven days a week to unload ships and speed up the movement of goods across the country.
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