Economics
Growth at U.S. Services, Factories Slows to an Eight-Month Low
- IHS Markit’s preliminary August gauge slides to 55.4
- Supply, labor shortages leave inflation metrics elevated
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U.S. business activity continues to downshift, with growth slowing to an eight-month low in August against a backdrop of materials shortages, a lack of labor and an upswing in coronavirus infections.
The IHS Markit flash August composite index of purchasing managers at services and manufacturers dropped to 55.4 from 59.9 a month earlier, the group reported Monday. Readings above 50 indicate growth and the gauge has decreased each month since hitting a record 68.7 in May.