A pair of new surveys of the economy show the U.S. is still expanding at a rapid pace, but ongoing labor and supply shortages are still acting as a drag on growth.
Business leaders at U.S. manufacturing and service-oriented companies are still optimistic about the near future, a new poll showed. Yet the inability to find enough people to hire or to get badly needed supplies on time continued to pose a major roadblock.
The so-called flash reading of IHS Markit’s U.S. services index slid 1.1 points to a 14-month low of 54.4 in September.
The firm’s manufacturing index also dipped to a five-month low of 60.5 from 61.1.
Put in perspective, though, these are still very healthy numbers. Any thing above 50% signifies growth and numbers above 60% are exceptional.
Service-style companies such as restaurants, hotels and theaters were partly hurt by a surge in “delta” coronavirus cases in August and September. More…