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U.S. business activity slows in May, survey shows

Stacked containers are shown as ships unload their cargo at the Port of Los Angeles in Los Angeles, California, U.S. November 22, 2021. REUTERS/Mike Blake

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WASHINGTON, May 24 (Reuters) – U.S. business activity slowed moderately in May as higher prices cooled demand for services while renewed supply constraints because of COVID-19 lockdowns in China and the ongoing conflict in Ukraine hampered production at factories.

S&P Global said on Tuesday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a reading of 53.8 this month from 56.0 in April.That growth pace, which was the slowest in four months, was attributed to “elevated inflationary pressures, a further deterioration in supplier delivery times and weaker demand growth.”

A reading above 50 indicates expansion in the private sector. The index remains consistent with strong…

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