US Business Activity Slows in December

US business activity slowed in December, marking the weakest pace since June, with new orders for both manufacturers and service providers dropping. The S&P Global composite purchasing manager index fell to 53.0, indicating a clear deceleration in economic growth. The services sector, which accounts for two-thirds of the US economy, also saw a six-month low. Manufacturing activity dipped to its lowest since July. Economists predictions were not met, and the recent economic growth burst may be losing steam. Job growth was often hindered by cost concerns, lower demand, and uncertainty about the economic outlook, with some companies still struggling to find workers.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.