LONDON: 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.