- 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.
Average prices charged for goods and services rose at the slowest rate since January and are now at levels that S&P Global viewed as consistent with the Federal Reserve's 2% inflation target. This echoed reports from businesses that customers are pushing back against high prices, through bargain hunting, scaling back on purchases and trading down to lower-priced substitutes.
"The solid growth picture in August points to robust GDP growth in excess of 2% annualized in the third quarter, which should help allay near-term recession fears," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "Similarly, the fall in selling price inflation to a level close to the pre-pandemic average signals a 'normalization' of inflation and adds to the case for lower interest rates.
Its flash services PMI rose to 55.2, from 55.0 in July, confounding economists' expectations for a drop to a reading of 54.0. S&P Global said sentiment about the future continued to be adversely impacted by uncertainty regarding the November presidential election and concerns about future demand, particularly in the manufacturing sector.
Global Console and Handheld Gaming Software Market Global Console and Handheld Gaming Software Market Dublin, Aug. 22, 2024 -- The "Console and Handheld Gaming Software - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.The global market for Console and Handheld Gaming Software is estimated at US$48.2 Billion in 2023 and is projected to reach US$64.4 Billion by 2030, growing at a CAGR of 4.2% from 2023 to 2030.