U.S. business activity contracted in July on the sharpest pullback in output since early in the Covid-19 pandemic, according to surveys of purchasing managers, while eurozone surveys pointed to a higher probability the continent could soon slide into a recession.
Data firm S&P Global said its Composite PMI Index for the U.S.—which combines the manufacturing and services sectors—dropped to 47.5 in July from 52.3 in June. The services index slid to 47 in July from 52.7 the prior month, while the manufacturing index was 52.3 in July, a two-year low.
