Business activity expanded in July at the slowest pace in five months and inflation was concerningly sticky, a closely-watched survey of business executives indicated Monday.
The S&P Global “flash” U.S. composite purchasing managers index tumbled 1.2 points to 52 in July, with services weaker than expected and manufacturing stronger, although still negative.
The measure looking one year into the future also “deteriorated sharply,” painting a “darkening picture” of the economy, an economist for S&P Global said.
The manufacturing activity index rose to 49 from 46.3 in June, the highest score in three months and beating even the most optimistic forecasts. The output index for manufacturing rose to 50, a two month high.
The activity index for the services sector, however, declined to 52.4 from 54.4. That’s the lowest reading in five months. The output index for…