{"id":1708919,"date":"2022-10-24T12:05:05","date_gmt":"2022-10-24T16:05:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708919"},"modified":"2022-10-24T12:05:19","modified_gmt":"2022-10-24T16:05:19","slug":"in-latest-sign-of-recession-us-business-activity-contracts-for-fourth-straight-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-latest-sign-of-recession-us-business-activity-contracts-for-fourth-straight-month\/","title":{"rendered":"In Latest Sign of Recession, US Business Activity Contracts for Fourth Straight Month"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fin-latest-sign-of-recession-us-business-activity-contracts-for-fourth-straight-month%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708919&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters)\u2014U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand, the latest evidence of an economy softening in the face of high inflation and rising interest rates.<\/p>\n<p>S&#038;P Global said on Monday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September.<\/p>\n<p>A reading below 50 indicates contraction in the private sector. Outside the slump during the first wave of the COVID-19 pandemic in the spring of 2020, business output is retreating at the swiftest pace since the 2007-2009 global financial crisis, by S&#038;P Global&#8217;s measure at least.<\/p>\n<p>&#8220;The U.S. economic downturn gathered significant momentum in October, while confidence in the outlook also deteriorated sharply,&#8221; S&#038;P Chief Business Economist Chris Williamson said in a statement. &#8220;The decline was led by a downward lurch in services activity, fueled by the rising cost of living and tightening financial conditions.&#8221;<\/p>\n<p>But the S&#038;P Global survey may exaggerate the slowdown. Rival surveys from the Institute for Supply Management have shown manufacturing and services industries still expanding through September.<\/p>\n<p>Though gross domestic product contracted in the first and second quarters, the income side of the growth ledger showed the economy growing at a moderate pace over that period, and overall expansion likely resumed in the third quarter. Estimates among economists polled by Reuters for the first reading of third-quarter GDP, due from the Commerce Department on Thursday, range from an annual growth rate of 0.8% to 3.7%, with a median estimate of 2.4%.<\/p>\n<p>That said, the economy is slowing as the Federal Reserve aggressively tightens monetary policy to cool demand and bring inflation back to the U.S. central bank&#8217;s 2% target.<\/p>\n<p>The Fed delivered a 75-basis-point rate hike in September, its third straight increase of that size, and a fourth of that magnitude is expected at next week&#8217;s policy-setting meeting, though how aggressive policymakers remain after that is seen as one of the issues up for debate at the Nov. 1-2 meeting.<\/p>\n<p>The flash composite new orders index slid to 49.0 from a final reading of 50.9 in September.<\/p>\n<p>The survey&#8217;s measure of prices paid by businesses for inputs edged up to 67.8 from 67.3, which had been the lowest since January 2021, reflecting the uneven pace of easing in<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters)\u2014U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand, the latest evidence of an economy softening in the face of high inflation and rising interest rates.<br \/>\nThe post In Latest Sign of Recession, US Business Activity Contracts for Fourth Straight Month appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":66,"featured_media":1708922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1708919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1708919"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1708922"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1708919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1708919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1708919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}