The US economy is running hot, with growth and hiring picking up sharply — good news for workers, but bad news for anyone hoping the Fed keeps cutting rates.

• Business activity grew for a fourth straight month in September, the fastest pace in over five years.
• Factories are producing more again after a weak stretch.
• Hiring jumped to the strongest pace in four years.
• Supply chain bottlenecks are back, which pushes prices up.
• Big companies are capturing most of the gains, and AI is likely to widen that gap.

Outlook: If the economy keeps running this hot, pressure builds on the Fed to stop cutting and consider raising rates instead.