WASHINGTON/LONDON—U.S. manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday, although there were indications cost pressures were starting to ease.
The overall weakness in global manufacturing activity added to signs sluggish demand in many countries was adding to headaches for companies already suffering from lingering supply constraints.
Major central banks are expected to continue aggressive interest rate hikes in order to tame inflation, which is also dampening optimism through growing fears of a global downturn….