- U.S. business activity fell to a 4-month low in August and firms continued to struggle to pass on higher prices to consumers, bolstering the likelihood that inflation will stay on a downward trend over the coming months.
Inflation in July on an annual basis slowed to below 3% for the first time in nearly 3-1/2 years, the Labor Department reported last week. The survey's flash manufacturing PMI retreated to an 8-month low, falling to 48.0 this month from 49.6 in July. Economists polled by Reuters had forecast the index for the sector, which accounts for 10.3% of the economy, to remain unchanged.
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