US output growth fastest for seven months at start of 2024, prices charged rise at slowest rate since May 2020

Businesses in the US signalled a stronger upturn in activity at the start of the year, as output growth quickened to the sharpest rate in seven months. The expansion was driven by service providers, as manufacturers continued to see a drop in production amid intensifying supply issues. Nonetheless, a broad-based improvement in demand conditions was reported, as firms reported stronger new order growth for both goods and services, helping push business confidence for the year ahead to a 20-month high. On the price front, overall input costs rose at a slightly softer pace at the start of the year, while firms raised .

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