U.S. business activity neared recession in August as growth hit its lowest level since February as demand for new business in the huge services sector fell.
According to S&P Global in its preliminary composite US PMI, which tracks the manufacturing and services sectors, the reading fell to 50.4 in August from 52 in July, the biggest decline since November 2022.
While the August reading reflected growth for the seventh consecutive month, it is very slightly above the 50 level separating growth from contraction, amid weak demand for manufactured goods and services as well.
Source (Al-Arabiya.net Website, Edited)
