Business activity in the United States contracted for the seventh consecutive month in January, with both manufacturing and service sectors remaining in the red for the month, suggesting a downturn in economic activity.
The S&P Flash U.S. PMI Composite Output Index for January came in at 46.6, up from 45 at the end of 2022, according to a news release on Jan. 24. Readings below 50 indicate contraction. Since July 2022, the Composite Output Index has remained below the 50 level. The January contraction was the slowest since October. Both goods and service providers recorded similar rates of decline. However, service companies indicated a “notable slowdown” in the pace of decline since December….