US business activity slowed in April as rising costs for raw materials, fuel, and labor drove up input prices to a record high.
- S&P Global stated its flash US Composite PMI Output Index, which gauges the manufacturing and services sectors, dropped to 55.1 this month from 57.7 in March.
- Chris Williamson, the chief business economist at S&P Global, stated that many businesses continue to record a tailwind of pent-up demand from the COVID-19 pandemic, but companies are struggling with challenges from rising inflation and the cost of living crisis.
- The flash composite input price index rose to a reading of 80.5 this month from 77.1 in March, with price measures for both services and manufacturing sectors growing solidly.
- The survey’s flash services sector PMI dropped to 54.7 from 58.0 in March. Economists had projected an unchanged reading for the services sector.
Its flash manufacturing PMI rose to a seven-month high of 59.7 from 58.8 in March.
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Source: S&P Global