US Business Activity Contracts in July for First Time in Two Years, Survey Shows
KONTAN.CO.ID - US business activity contracted for the first time in nearly two years in July as a sharp slowdown in the service sector outweighed continued modest growth in manufacturing, painting a glum picture for an economy stunted by high inflation, rising interest rates and deteriorating consumer confidence.
S&P Global on Friday said its preliminary - or "flash" - US Composite PMI Output Index had tumbled far more than expected to 47,5 this month from a final reading of 52,3 in June. With a reading below 50 indicating business activity had contracted, it is a development likely to feed into a vocal debate over whether the US economy is back in - or near - a recession after rebounding sharply from the downturn in early 2020 at the start of the Covid-19 pandemic.
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