US MANUFACTURING HIRING HITS FASTEST PACE SINCE 2012

US business activity accelerated at the start of the fourth quarter. The S&P Global flash PMI showed manufacturing climbing to 56.0 in October, its highest reading since May 2022, with factory hiring rising at the fastest pace since March 2012. Services activity cooled instead, but S&P Global economist Chris Williamson said the combined reading still points to annualized GDP growth near 5% in the fourth quarter, up from an estimated 4% in the third. Selling prices rose at their sharpest pace in more than four years, a sign the acceleration comes bundled with renewed inflation pressure. Bond traders watching $TLT now face a narrower path for Fed rate cuts.