Casey Wagner

<div id="highlights-block_614caf8723501" class="highlights">
 <ul>
 <li>Sluggish growth likely due to a decrease in demand and heightened supply chain issues</li>
 <li>IHS Markit data revealed that business activity pace is at its slowest in a year</li>
 </ul>
 
</div>



Gold fell to session lows, Thursday, after IHS Markit data revealed that Unites States business activity grew at the slowest pace in a year in September, mostly due to supply chain disruptions and capacity shortages, the economic data provider said. Cryptocurrencies were mostly trading higher Thursday morning.&nbsp;



The IHS Markit flash composite index of purchasing managers at service providers and manufacturers was 54.5 in September, down from 55.4 in August, the <a href="https://www.markiteconomics.com/Public/Home/PressRelease/3ea9d747369341f98b0e55f542fd0d27">report</a> noted. Any reading higher than 50 shows growth in the sector, and readings have declined each month for the past year.&nbsp;



“The slowdown was led by a cooling of demand in the service sector, linked in part to the delta variant spread,” Chris Williamson, chief business economist at IHS Markit, said in a statement. “However, while manufacturers have seen far more resilient demand, factories face growing problems in sourcing enough supplies and labor to meet orders.”&nbsp;



The flash services business activity index came in at 54.4 this month, down from 55.1 in August — a 14-month low.



“Contributing to the softer increase in activity was a slower rise in new business,” the report said. “Though solid, the rate of growth slowed for the fourth month running amid less robust demand conditions and ongoing COVID-19 worries.”&nbsp;



Inflation is on the rise, experts at IHS Markit warned, noting that the rate of cost inflation was the quickest for four months, and the second-highest on record. Researchers at the firm cite supply chain disruptions and material shortages for increased prices and transportation costs.&nbsp;



Gold was trading about 1% lower at the time of publication, while bitcoin and ether were up 2% and 3%, respectively. US equities were trading 1% higher. 



The United States manufacturing Purchasing Managers Index for September fell to a reading of 60.5, down from the August reading of 61.1.



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