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U.S. business activity unexpectedly climbed this month to nearly a one-year high, bolstered by stronger services and manufacturing that threatens to reignite inflationary pressures.

The U.S. trade deficit widened to a record last year on a surge in imports as American companies scrambled early on to ensure they had enough merchandise on hand to meet demand.

U.S. business activity contracted for a seventh month, though at a more moderate pace, while a measure of input prices firmed in a sign of lingering inflationary pressures.

The U.S. trade deficit widened for a second month in October, as the value of imports increased and exports declined, which may weigh on economic growth in the fourth quarter.

Mediterranean Shipping Co. filed a motion in late October with the National Labor Relations Board urging SSA Marine Inc. to assign tasks at the Port of Seattle’s Terminal 5 to the International Longshore and Warehouse Union.

A dispute over the assignment of work at a terminal in Seattle is casting a shadow on the outcome of talks to reach a new labor contract between 22,000 dockworkers at 29 U.S. West Coast ports and about 70 employers.

The number of containers arriving at the Port of Los Angeles dropped by the most since the early days of the COVID-19 pandemic last month, an early indication that consumer demand could be starting to moderate.

U.S. ports will see less retail cargo entering the country in the second half of the year as economic growth slows amid back-to-back interest rate increases and persistent inflation.

Bringing more semiconductor production to the U.S. could help counter the global chip shortage, a survey by the Association of Equipment Manufacturers showed.

About 450 dockworkers did not report to work at California’s third-busiest port, Port of Oakland, July 21 as truckers protesting the AB 5 gig-work law blocked access to the operation for a fourth day.