The United States PMI Composite Output Index, which accounts for both services and manufacturing business activity, came in at 51.2 in April, declining from 53.5 recorded in March and hitting a 16-month low, S&P Global revealed in its preliminary report on Wednesday.
The Flash US Services Business Activity Index dropped from 54.4 in March to 51.4 in April. Meanwhile, the manufacturing PMI stood at 50.2 in April, improving from 48.6 recorded in the previous month.
"Confidence about business conditions in the year ahead has meanwhile deteriorated sharply, worsening among manufacturers and service providers alike, largely thanks to growing concerns about the impact of recent government policy announcements," Chief Business Economist at S&P Global Market Intelligence Chris Williamson said.
