- U.S. business activity better than expected, but remains soft
- Euro zone posts surprise return to modest growth
- Britain PMI falls at fastest rate in two years, surveys show
NEW YORK/LONDON Jan 24 (Reuters) – The downturn in U.S. business activity eased slightly in January even as it contracted for the seventh straight month while euro zone business activity made a surprise return to modest growth, as two of the world’s major economies hope to avert recession this year, surveys showed on Wednesday.
S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to 46.6 this month from a final reading of 45.0 in December, the first moderation since September but still well below a key reading of 50 used to separate contraction and growth in the private sector.
The Federal Reserve’s fastest interest rate hiking cycle since the early 1980s has weighed on demand in the world’s largest…
