U.S. business activity picked up in October, but a deterioration in the economic outlook blamed on the Trump administration's protectionist trade policy limited job gains and companies were sitting on piles of unsold goods amid a slump in exports. S&P Global's flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 54.8 this month from 53.9 in September. A reading above 50 indicates expansion in the private sector.