American business activity slowed down in May as higher prices reduced demand for services, while lockdowns in China and the ongoing conflict in Ukraine caused chaos in the supply chains.
S&P Global released its May U.S. Composite PMI Output Index survey on May 24, which tracks the manufacturing and services sector throughout the country. The index fell to a reading of 53.8 from 56 in April.
A reading on the index above 50 indicates growth in the private sector.
Manufacturers and service providers saw the slowest growth pace in four months, which was attributed to “elevated inflationary pressures, a further deterioration in supplier delivery times and weaker demand growth.”…