US business activity slowed further in August, with the relative index slipping to the lowest level since May 2020, according to data released today by S&P Global.
In particular, the composite PMI, which combines manufacturing and services, fell to 45.0 in August from 47.7 in July, according to preliminary data from S&P Global. Readings below 50 indicate a contraction in business activity.
Meanwhile, data from S&P Global showed that the index for business activity in services fell to a 27-month low of 44.1 points from 47.3 points in July, while the manufacturing index fell to a 25-month low of 51.3 points from 52.2 points in the previous month.
“Initial readings for August also show new concerns about the health of the US private sector,” commented Siân Jones, economist at S&P Global Market Intelligence, adding: “Demand-side conditions have worsened again, due to the impact from interest rate increases and strong inflationary pressures on customer spending, which are affecting activity.”
Source: Capital
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