Reported 1 day ago
In July, U.S. business activity showed improvement, with higher prices for goods and services fueling inflation concerns primarily driven by tariffs on imports. Despite an increase in the S&P Global Composite PMI, business sentiment remained cautious due to worries over tariffs and funding cuts. While the services sector experienced growth, manufacturing faced its first contraction since December. Elevated prices were evident, with a notable portion of businesses attributing rising costs to tariffs, suggesting further inflation may push consumer prices above the Federal Reserve's 2% target.
Source: YAHOO