Business activity in the US private sector expanded at a softer pace in early Augustwith the S&P Global Composite PMI falling to 50.4 points since July 52. This reading was worse than the market expectation of 52.
S&P Global manufacturing PMI fell to 47 from 49 in the same period, while the services PMI dipped to 51 from 52.4.
According to Chris Williamson, Chief Economist at S&P Global Market Intelligence, “the near standstill of business activity in August raises questions about the strength of US economic growth in the third quarter“.
“The survey shows that the service-led growth acceleration in the second quarter has faded, accompanied by a further decline in factory outputWilliamson added, noting that rising wage pressures, as well as rising energy prices, have pushed input cost inflation higher.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
