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US Business Activity Growth Slips to Four-Month Low

June 4, 2022 by Forex Winner Leave a Comment

US Business Activity Growth Slips to Four-Month Low

Source: S&P Global

Business activity growth in the United States slowed in May, marking the lowest level in four months. QQQ is down 2.92%, while SPY is down 1.76%.

  • The S&P Global US Services PMI Business Activity Index fell to 53.4 in May from 55.6 in April, broadly in line with the earlier estimate of 53.5.
  • The latest reading is the slowest since January, dragged by inflation, labor shortages, and supply chain issues.
  • New business growth slowed to the weakest since September 2021, dragged by lower spending on services during the month.
  • New export orders for services slowed from the record-high in April, but the rate continued to be above the series average.
  • Inflation issues hovered around historic highs in May, with cost burdens growing at a record-high. Input prices also grew on fuel and energy costs.
  • Output outlook for the year ahead remained upbeat, with confidence higher than the reading recorded in April.

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