August data signalled a renewed slowdown in the rate of U.S. private sector business activity growth. The seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index dipped from 52.6 in July to 50.9 in August, to signal only a slight increase in business activity and the slowest pace of expansion for three months. Moreover, the latest reading was the joint-lowest since February 2016. The composite index is based on original survey data from IHS Markit’s PMI surveys of both services and manufacturing. Weaker business activity growth largely reflected a loss of momentum in the service sector during August. ... (full story)