In Latest Sign of Recession, US Business Activity Contracts for Fourth Straight Month
Written by Black Hot Fire Network on October 24, 2022
(Reuters)—U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand, the latest evidence of an economy softening in the face of high inflation and rising interest rates.
S&P Global said on Monday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September.
A reading below 50 indicates contraction in the private sector. Outside . . .