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Business Activity Deteriorates Globally as Recession Fears Mount

  • S&P Global US flash composite measure fell to 47.5 in July
  • Euro area composite PMI declined to 49.4, estimated to expand
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US Business Activity Contracts in July to 47.5

Business activity deteriorated across the world in July, heightening fears of a global recession.

In the US, S&P Global’s July survey of purchasing managers showed business activity contracted for the first time in more than two years. In the euro area, the composite index registered its worst reading since the pandemic lockdowns of early 2021. Figures from Japan and Australia also deteriorated in the month, though remained in expansionary territory.