United States Flash PMI Composite Output Index in August stood at 45.0, staying in the contraction territory, S&P Global revealed in its report released on Tuesday. The figure was the lowest in the past 27 months. In addition, Flash US Services Business Activity Index was also at a 27-month low in August, with the reading landing at 44.1. Manufacturing PMI in the country reached 51.3, the lowest in 25 months. “August flash PMI data signalled further disconcerting signs for the health of the US private sector. Demand conditions were dampened again, sparked by the impact of interest rate hikes and strong inflationary pressures on customer spending, which weighed on activity,” Senior Economist at S&P Global Sian Jones commented, adding that “excluding the period between March and May 2020, the fall in total output was the steepest seen since the series began nearly 13 years ago.” NN: What would you call this, I call it further proof of the spreading recession.