WASHINGTON—A measure of U.S. services industry activity surged to a record high in October likely as declining COVID-19 cases boosted demand, but businesses remained burdened by snarled supply chains and the resulting exorbitant prices. The Institute for Supply Management said on Wednesday its non-manufacturing activity index vaulted to a reading of 66.7 last month. That…
US Service Sector Index Hits Record High in October; Shortages Worsening: ISM Survey
November 3, 2021
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UK House Prices Show Unexpected Strength in October: Nationwide
LONDON—British house prices rose last month at a faster rate than expected as robust demand and a lack of new homes coming to the market kept up momentum, a survey showed on Wednesday. Mortgage lender Nationwide said house prices rose by 0.7 percent in monthly terms in October after a 0.2 percent rise in September….
Supply Chain Issues Slow French Manufacturing Growth in October: PMI
November 2, 2021
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PARIS—Supply chain issues hit France’s manufacturing sector in October, where the slowdown in growth came broadly in line with initial forecasts, a monthly survey showed on Tuesday. Data compiler IHS Markit said its final purchasing managers’ index for French manufacturing in October fell to 53.6 points from 55.0 in September, up a notch from an…
Relentless Shortages, High Prices Hamper US Manufacturing
November 1, 2021
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WASHINGTON—U.S. manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials, indicating that stretched supply chains continued to constrain economic activity early in the fourth quarter. The Institute for Supply Management (ISM) survey on Monday also hinted at some moderation in demand amid surging prices, with a measure of new…
US Business Activity Accelerates in October, Shortages Hamper Factories: IHS Markit Survey
October 22, 2021
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WASHINGTON—U.S. business activity increased solidly in October, suggesting economic growth picked up at the start of the fourth quarter as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing. Data firm IHS Markit said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rebounded to…
Euro Zone Business Growth Slowed in October, Prices Soared: PMIs
LONDON―Growth in euro zone business activity slowed this month as firms faced soaring costs due to supply-chain constraints, while the bloc’s dominant service industry struggled amid ongoing COVID-19 concerns, a survey showed on Friday. IHS Markit’s Flash Composite Purchasing Managers’ Index (PMI), a good gauge of overall economic health, fell to a six-month low of…
US Homebuilder Confidence Unexpectedly Rises in October, Survey Shows
Confidence among U.S. single-family homebuilders rose by the most in nearly a year in October as customer traffic improved for a second straight month, although builders remain concerned that the shortages that are driving up materials prices will hurt home affordability. The National Association of Home Builders/Wells Fargo Housing Market Index rose 4 points—the most…
EU Commission to Launch EU Budget Rules Review on October 19
LUXEMBOURG—The European Commission will publish on Oct. 19 its assessment of the economic impact of the pandemic on the European economy and its implications for EU budget rules as it launches a debate on how to change the rules that underpin the euro currency. EU budgets rules, called the Stability and Growth Pact, set limits…
Stocks Head Into Stormy October, Dollar Defies Ugly Mood
October 1, 2021
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LONDON—European stocks sank to two-month lows on Friday after slides in Asia and on Wall Street, with euro zone inflation data expected to hit a 13-year high to compound investor fears over surging prices combining with stuttering growth. On the first day of October, the month for some of history’s most infamous market routs, the…
Volkswagen Cuts Working Hours at German Site Until Mid-October
FRANKFURT—Volkswagen, which is suffering from an ongoing shortage of automotive chips, will cut working hours at its main German factory in Wolfsburg until the middle of October, it said on Wednesday. The shortened working hours affect the first two weeks of October, the company said, adding that on Oct. 1 only one assembly line would…
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