US business growth hits 2022 high

Business activity in the United States continued to grow at an unprecedented pace for over four years, with the Purchasing Managers' Index rising to 56 points in August. This reflects a rebound in production and employment amid improving demand and business optimism. The highest rates of growth were recorded in the services sector, which helped offset a downturn in manufacturing activity, despite ongoing challenges such as material shortages and supply chain delays. Concerns also persist about the impact of the Middle East conflict on energy prices and supplies. While price pressures have eased, geopolitical risks remain a top concern for companies, with the potential for energy costs to rise again if tensions continue.

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