The US economy remained prosperous at the beginning of the fourth quarter.

S&P Global Market Intelligence Chief Business Economist Chris Williamson stated: "The preliminary PMI data for October shows that the US economy continues to thrive at the start of the fourth quarter. The survey's output data is consistent with an annualized GDP growth trend of 5%, up from the previously expected 4% in the third quarter. Corporate earnings and profit performance are particularly strong, and as companies expand capacity to meet stronger customer demand, hiring activity has also increased significantly. Excluding the post-pandemic economic reopening factors, the growth achieved by US businesses in recent months has reached the highest level since early 2015. However, cost pressures remain a major concern, especially as rising crude oil prices impact a range of goods and services. Meanwhile, supply chain bottlenecks are intensifying and order backlogs are climbing, making it easier for companies to pass higher costs on to consumers. As a result, sales prices have seen the steepest surge in four years, and this trend currently indicates that consumer price inflation may continue to exceed the Federal Reserve's target level in the coming months."