Economics
Business Activity in U.S. Nearly Stalled in Early January on Omicron Infections
- IHS Markit early January composite gauge at 18-month low
- Factory output index weakens; future output gauge firms
This article is for subscribers only.
U.S. business activity came close to stalling in early January, depressed by lingering capacity constraints and a wave of coronavirus infections that deflated demand.
The IHS Markit flash December composite purchasing managers index slid 6.2 points to an 18-month low of 50.8, the group reported Monday. Readings above 50 indicate growth. The group’s gauge of services also plummeted to the lowest level since July 2020 as labor shortages and employee absences weighed on activity.