WASHINGTON—U.S. business activity slowed in April as soaring costs for raw materials, fuel, and labor pushed input prices to a record high, according to a survey on Friday, which also showed an ebb in sentiment at the start of the second quarter.
S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a reading of 55.1 this month from 57.7 in March. That reflected a moderation in activity in the vast services sector. A reading above 50 indicates growth in the private sector.
“Many businesses continue to report a tailwind of pent up demand from the pandemic, but companies are also facing mounting challenges from rising inflation and the cost of living squeeze, as well as persistent supply chain delays and labor constraints,” said Chris Williamson, chief business economist at S&P Global.
…