Omicron shut down the economic recovery in January, sending private-sector growth to its weakest level since July 2020
A survey of purchasing managers at various businesses shows growth grinding to a near-halt as the Omicron wave worsened. IHS Markit's composite purchasing-managers index plunged to 50.8 from 57 in January, according to a Monday, marking the lowest reading since July 2020. The decline was fueled by weakening conditions at manufacturers and services, with both citing the variant for sharply slower output through the month.
IHS Markit's manufacturing-specific measure fell slightly less to 55 from 57.7. That still reflected the weakest growth in 15 months. Still, the report did offer some signs of inflation easing through the month. The rate of increase in costs was the weakest since March 2021, albeit still at historically high levels. The manufacturing industry saw signs of inflation pressure waning in both production and selling prices, Markit said.
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