SaltWire's Atlantic regional weather forecast for September 5, 2023 | SaltWireLONDON - 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.