[U.S. business activity maintains expansion, prices hit largest increase since 2022] October 23rd, U.S. business activity growth slowed slightly in October, but was still close to multi-year highs, with strong demand driving new orders, employment and prices. Data released on Friday showed that the preliminary S&P Global Composite Purchasing Managers Index (PMI) fell 0.8 points to 57.6 in October. This is the second highest level since 2022. An index above 50 indicates expansion. The sales price measure rose at the fastest pace in more than four years, reflecting sharp rises in energy, transportation and raw material costs. Supply bottlenecks are also worsening. Supplier delivery times have extended by the most since 2022, with S&P Global citing reasons including material and labor shortages, overloaded suppliers and shipping delays.