Tag: slows

U.S. business activity slows, house price inflation accelerates

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. business activity cooled in September, with gains at factories offset by a retreat at services industries, suggesting a loss of momentum in the economy as the third quarter draws to a close and COVID-19 lingers.

The economy’s recovery from the pandemic recession is losing speed as government financial help to businesses and the unemployed dries up. Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that Congress and the U.S. central bank needed to remain focused on supporting the recovery.

“We need to stay with it … the recovery will go faster if there is support coming both from Congress and the Fed,” Powell said.

Data firm IHS Markit said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, slipped to a reading of 54.4 this month from 54.6 in August. A reading above 50 indicates growth in

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Wall Street retreats as business activity slows

By Sagarika Jaisinghani and Devik Jain

Sept 23 (Reuters)Wall Street’s main indexes fell on Wednesday as data showed domestic business activity slowed in September, although a record high for Nike following a strong quarterly earnings report capped declines on the blue-chip Dow.

Nine of the 11 major S&P indexes were down in morning trading, with energy .SPNY – already the worst performing sector this year – leading declines. O/R

Hopes of a stable economic rebound from a pandemic-led recession, combined with historic fiscal and monetary stimulus, had driven a rally in the three main U.S. stock indexes since a coronavirus-driven crash in March.

However, doubts over the next coronavirus relief bill as well as a selloff in heavyweight technology-related stocks have weighed on sentiment this month, with Wall Street favorites including Facebook Inc FB.O, Apple Inc AAPL.O and Amazon.com Inc AMZN.O bearing the brunt of the

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U.S. business activity slows; house prices jump

WASHINGTON (Reuters) – U.S. business activity cooled in September, with gains at factories offset by a retreat at services industries, suggesting a loss of momentum in the economy as the third quarter draws to a close and COVID-19 lingers.

FILE PHOTO: A ‘for sale’ is seen outside a single family house in Garden City, New York, U.S. on May 23, 2016. REUTERS/Shannon Stapleton/File Photo

Data firm IHS Markit said on Wednesday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, slipped to a reading of 54.4 this month from 54.6 in August. A reading above 50 indicates growth in private sector output. Though the private sector continues to expand, this month’s dip in the index supports expectations of an ebb in economic momentum as the boost from fiscal stimulus fades.

Gross domestic product is expected to rebound at as much as a record 32% annualized

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