By Safiyah Riddle (Reuters) - U.S. business activity approached the stagnation point in August, with growth at its weakest since February as demand for ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Safiyah Riddle
S&P Global said its flash U.S. Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 50.4 in August from 52 in July, the biggest drop since November 2022. While August's reading was the seventh straight month of growth, it was only fractionally above the 50 level separating expansion and contraction as demand weakened for both manufactured goods and services.
Service sector business activity growth was the slowest since February at 51.0 in August, and the Manufacturing PMI fell deeper into contraction territory at 47.0 down from 49.0 in July, the fourth straight month of contraction. "A near-stalling of business activity in August raises doubts over the strength of U.S. economic growth in the third quarter. The survey shows that the service sector-led acceleration of growth in the second quarter has faded, accompanied by a further fall in factory output," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
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