The Globe and Mail reports in its Saturday, Oct. 24, edition that United States business activity slowed modestly in October, though robust demand allowed companies to raise prices for goods and services, a sign that inflation could increase further and remain persistently high in the coming months. A Reuter dispatch to The Globe reports that S&P Global reported Friday that its flash U.S. Composite PMI Output Index fell to 57.6 this month from September's five-year high of 58.4. A reading above 50 indicates private sector expansion, with strong manufacturing offset by a slight decline in the services sector. Economists anticipate next week's GDP report to show a 3-per-cent annualized growth rate, largely driven by consumer spending and artificial intelligence business investment. The economy has so far not shown any signs of buckling under the weight of the oil-price shock stemming from the Iran war, with savings, generous tax returns in the spring, tariff refunds, a strong stock market performance and corporate profits providing a cushion. Economists warned that the inflation fallout from the drawn-out Middle East conflict was likely to slow consumer spending this quarter.