U.S. business activity contracted for the fourth straight month in October, and the economic downturn “gathered significant momentum,” S&P Global said on Monday, while the White House touted low unemployment rates and credited President Joe Biden’s economic agenda for a “historically strong” economic recovery.
The S&P Global flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September.
