Summary

• Business activity continued to grow in May but at a reduced rate compared to that seen earlier in the year.
• Growth over the past three months since the outbreak of war in the Middle East has been the weakest seen since the start of 2024.
• The rate of job losses hit the highest since August 2024 due to growing concerns over rising costs and deteriorating demand conditions.

The damaging economic impact from the war in the Middle East is becoming increasingly evident, according to the latest ‘flash’ PMI survey from S&P Global. May data recorded only modest growth of US business activity as demand was

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