A new report shows U.S. business activity growth slowed for a third straight month in August, weighed down by supply chain disruption, hiring woes, and softer consumer demand linked to the spread of the Delta variant. Data firm IHS Markit said in an Aug. 23 report (pdf) that its flash U.S. Composite PMI Output Index, a combined measure that tracks both the manufacturing and services sectors, fell from 59.9 in July to 55.4 in August—the lowest reading since December 2020. Readings above 50 across the company’s various business activity gauges reflect growth, with the report based on data collected between Aug. 12–20. Services IHS Markit’s services index fell from 59.9 in July to 55.2, also hitting an eight-month low. The services sector accounts for over two-thirds of U.S. economic activity. “The expansion slowed sharply again in August as the spread of the Delta variant led to a weakening of demand …
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