U.S. and global business activity fell sharply in July, according to surveys of purchasing managers, raising recession risks as countries face high inflation and disruptions from the Ukraine war.
The pullback in U.S. economic activity was particularly dramatic, data firm S&P Global said. Its composite U.S. purchasing managers index fell to 47.5 in July, with a reading below 50 indicating a contraction. The reading—based on survey data from manufacturing and services businesses—reflected a sharp decline from last month, when the index’s rate of expansion was 52.3.
