The latest PMI data for the USA show that the economy is still advancing, perhaps a little more slowly.
S&P Global's comment on prices suggests inflation is likely to pick up:
Input cost inflation accelerated sharply in November, hitting the fastest rate for three years barring the jump in costs seen in May. Tariffs were again the predominant reason cited by companies for increased costs, alongside reports of higher wage rates. Service sector costs rose at the fastest rate since January 2023. In contrast, manufacturing input price inflation cooled to the lowest since February but remained well above the average seen over the past three years.
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