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US Business Activity Growth Cools as Manufacturing Weakens
US business activity expanded in early June at the slowest pace in three months, held back by a deeper contraction at factories. The S&P Global flash June composite purchasing managers index fell 1.3 points to 53, the group reported Friday. Readings above 50 indicate growth. The report offered mixed news on inflation. A gauge of factory input prices shrank the most in over three years while a similar measure for service providers climbed to a five-month high. However, the composite measure of prices received dropped to the lowest since 2020. The group’s overall services gauge remained elevated on robust demand, ... (full story)