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US Business Activity Barely Expands on Subdued Customer Demand

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US business activity expanded in early August at the weakest pace in six months, inching closer to stagnation amid sluggish demand.

The S&P Global flash composite output index fell 1.6 points to 50.4 in August as manufacturing continued to shrink and services activity cooled, the group reported Wednesday. Readings above 50 indicate growth.

“Companies report that demand is looking increasingly lethargic in the face of high prices and rising interest rates,” Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement. The report offered mixed news on inflation. Costs of wages and materials accelerated, but growth in prices charged eased slightly as companies tried to stoke demand for goods and services.

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