LONDON, Sept 5 - Global business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed on Tuesday.
Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam. That was below the 50 mark separating growth from contraction for a third month and weaker than a preliminary estimate for 47.0.
The headline services PMI for the bloc sank to 47.9 from 50.9, below the flash 48.3 estimate, as the new business index, a gauge of demand, dropped further below breakeven to 46.7 from 48.2, a low not seen since early 2021. The data broadly aligned with the official services PMI released last week, which showed the sector continued to trend downwards.
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Global business activity showed signs of slowdown in August -PMIsBy Jonathan Cable LONDON (Reuters) - Global business activity largely slowed further last month as services firms struggled in the face of weak demand ...
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Global business activity showed signs of slowdown in August -PMIsGlobal business activity largely slowed further last month as services firms struggled in the face of weak demand as rising prices and borrowing costs made indebted consumer rein in spending, a raft of surveys showed on Tuesday. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months. Asia's surveys for August were also more downbeat with China's services activity expanding at the slowest pace in eight months as weak demand continued to dog the world's second-largest economy while in India growth lost some steam.
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European stocks slide to one-week lows after weak China, euro zone dataKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
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