S&P Global revealed that Purchasing Managers Index (PMI) US service sector It dropped to 43.7 in August from 47.3 in July and below the preliminary reading of 44.1.
The PMI index is below 50, indicating that the US service sector is in a contraction. which is the second consecutive month of contraction
The PMI index was hit by a slowdown in new orders. while employment was the lowest since January. Although business confidence rebounded to the highest level in three months.
