Economic activity in the US slowed again in May, as high inflation and supply chain problems continue to weigh on US companies.
In particular, the composite PMI for services and manufacturing fell to a four-month low of 53.8 in May from 56.0 in April, according to preliminary data from S&P Global.
The services business index slipped to a four-month low of 53.5 points from 55.6 points in April, while the manufacturing PMI fell to a three-month low of 57.5 points from 59.2 points a year earlier. month.
“Preliminary data from the May survey show that the recent growth spurt has lost further momentum,” said Chris Williamson, chief economist at S&P Markit. “Companies say demand is driven by worries about the cost of living, higher interest rates and the wider economic slowdown,” he added.
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