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Data: IHS-Markit; Chart: Axios

Both manufacturing and services businesses saw strong pickups in activity and owners' sentiment improved, according to the latest flash reading of the IHS-Markit composite purchasing managers index.

Why it matters: The index that combines the two readings touched a record high 62.2 in April.

What happened: Manufacturing outpaced expectations with a sharp rise in output and strong hiring.

  • The services index saw its fastest expansion on record, driven by stronger client demand and easing COVID-19 restrictions across the country

On the other side: Numerous respondents complained about extraordinarily high prices as input costs rose by the most on record for manufacturers, amid capacity issues at suppliers, difficulties sourcing raw materials and ongoing supplier delivery delays, which were the most extensive on record.

  • The survey’s record high jump in prices paid by manufacturers also was attributed to “marked rises in transportation fees.”
  • Service sector companies also reported higher inflation but slower than March's big jump.

One level deeper: April's flash report is the latest to report spiking and record-high prices, a consistent theme seen in private sector PMI and Fed manufacturing surveys all year.

Go deeper

Scoop: FEC drops first of several election complaints against Trump

Donald Trump Jr. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The Federal Election Commission has voted not to investigate allegations that Trump campaign representatives — including Donald Trump Jr. — solicited illegal foreign assistance in 2016, Axios has learned.

The big picture: The commission deadlocked in a 3-3 vote on whether to probe potential campaign finance violations surrounding an infamous meeting with two Russian nationals at Trump Tower during the 2016 campaign.

10 mins ago - Politics & Policy

Inside the White House response to Colonial hack

President Biden arrives to deliver a COVID-19 update today. Photo: Oliver Contreras/Sipa/Bloomberg via Getty Images

Top White House officials — including counselor Steve Ricchetti and National Security Council chief of staff Yohannes Abraham — visited Camp David last weekend to brief President Biden about the Colonial Pipeline hack, sources familiar with the response tell Axios.

Why it matters: The high-level response, which also included daily calls from national security adviser Jake Sullivan, underscores the administration's heightened concern about fallout from the hack — both from national security and political perspectives.