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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

Key inflation measure grew slower than expected in June

Data: Bureau of Economic Analysis; Chart: Axios Visuals

The price of goods and services rose 0.4% in June, slower than the 0.5% growth during May, according to the core personal consumption expenditures (PCE) price index released Friday morning. The June reading was lower than the consensus expectation for 0.6% growth.

Why it matters: The core PCE is the inflation measure the Federal Reserve watches most closely. June's reading is the second month in a row of decelerated price growth, giving the Fed breathing room to design a pullback strategy from its emergency market support.

2 hours ago - Health

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) on Monday announced a new COVID vaccine mandate for all private companies.

Why it matters: De Blasio, speaking on MSNBC's "Morning Joe," said the "first-in-the-nation measure" will go into effect starting Dec. 27. It will apply to approximately 184,000 businesses.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent.