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US, Business Activity Worses in April, Inflation Measures Mixed Reuters

US, Business Activity Worses in April, Inflation Measures Mixed Reuters

(Reuters) – An index measuring business activity in the United States fell to a four-month low in April due to weak demand.

Inflation rates fell slightly even as input prices rose sharply, suggesting a possible relief as the Fed looks for signs that the economy is slowing enough to push inflation further down.

The US global composite PMI output index, which tracks manufacturing and services, fell to 50.9 this month from 52.1 in March. A reading above 50 indicates expansion of the private sector.

The slowdown reflects weak growth rates in both the manufacturing and services sectors, with activity falling to its lowest levels in three and five months, respectively. Meanwhile, employment, which the Fed closely monitors for signs of decline, fell for the first time since June 2020, with the decline concentrated in services.

The manufacturing sector has entered contraction territory, with the preliminary manufacturing PMI falling to 49.9 this month from 51.9 in March. New orders fell slightly, while job growth slowed, albeit modestly, and supply chains showed signs of excess capacity.

The PMI for the express services sector fell to 50.9 in April from 51.7 the previous month.

(Translated by Chiara Scarsilia, Edited by Gianluca Semeraro)

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