S&P Global Market Intelligence flags warning signs behind steady U.S. July PMI

S&P Global Market Intelligence Chief Business Economist Chris Williamson said that while the U.S. Purchasing Managers' Index, or PMI, held steady in July, the underlying survey data pointed to warning signs for the future growth path, according to Jinshi. Williamson said output growth slowed noticeably during the month, while new business growth remained weak for a third straight month, a pattern that reflected a reduction in inventory build-up. He also pointed to mounting pressure from longer supply delays, weaker exports and customer resistance to high prices. Although raw material cost inflation eased slightly, he said inflation pressures were still elevated. Business optimism about the economic growth outlook fell to its lowest level since October last year, adding to the concerns signaled by the survey data.