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US Manufacturing PMI Hits 53-Month High as Inflation Fears Rise
U.S. business activity data showed continued economic growth in October, with the S&P Global Manufacturing PMI rising to 56.0 from 55.9 in September, reaching its highest level in 53 months. The reading exceeded the 55.5 forecast, indicating stronger factory-sector activity than expected. However, rising selling prices raised concerns about inflation, potentially limiting the Federal Reserve’s ability to cut interest rates and affecting crypto markets. Bitcoin and Ether fell below $82,000 and $2,400, respectively, amid mixed signals and market uncertainty.