Braking Down The News

Global Economies Flash Warning of Sharp Slowdown

Surveys of purchasing managers point to weakness in manufacturing and services as higher prices hit household spending power

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Business activity in the U.S., Europe and Japan fell in August, according to new surveys, pointing to a sharp slowdown in global economic growth as higher prices weaken consumer demand and the war in Ukraine scrambles supply chains.

U.S. companies reported a sharp drop in business activity in August in a broad-based decline led by services companies, though manufacturing slowed as well. High inflation, material shortages, delivery delays and interest-rate rises all weighed on business activity, the S&P Global survey said.

 

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