US economy continues to weaken

WASHINGTON: The US economy continued to weaken in January, with the rate of decline “among the steepest seen since the global financial crisis,“ said US financial information and analytics provider S&P Global in a press release published Tuesday.

“The U.S. economy has started 2023 on a disappointingly soft note, with business activity contracting sharply again in January,“ Chris Williamson, chief business economist at S&P Global Market Intelligence, was quoted as saying by the release.

According to the press release, S&P Global found the headline Flash US PMI Composite Output Index, which measures certain aspects of the service and manufacturing sectors, up to 46.6 per cent in January from 45.0 per cent in December.

Xinhua reported the number remains under 50, the benchmark separating expansion from contraction, mirroring economists’ expectations that the US economy could be heading for a recession this year. – Bernama

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