US private sector output slows in July, S&P Global says
By Alexander Bueso
Date: Monday 24 Jul 2023
(Sharecast News) - Private sector output in the States slowed further in July, even as price pressures remained 'sticky', survey results showed.
S&P Global's PMI Composite Output Index slipped from a reading of 52.3 for June to 52.0 in July.
The flash Purchasing Managers' Index for services alone fell from 54.4 to 52.4 - a five-onth low.
The flash manufacturing PMI on the other hand improved from 46.3 to 49.0.
Nonetheless, being below the 50 points mark meant that factory activity continued to contract, albeit at a slower pace.
Chris Williamson, chief business economist at S&P Global Market Intelligence noted a decline to its lowest level year-to-date in business outlook for the next 12 months.
That he said added to downside risks for the economy and would keep fears of downturn before year end alive.
"The stickiness of price pressures meanwhile remains a major concern.
"As the survey index of selling prices has acted as a reliable leading indicator of consumer price inflation, anticipating the easing to 3% in June, it sends a worrying signal that further falls in the rate of inflation below 3% may prove elusive in the near term."
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