US private sector growth slumped to 18-month low
Growth across the US private sector has slowed sharply to its lowest rate since July 2020, in a sign that the Omicron variant has weakened America’s recovery.
US output growth slowed to an 18-month low in January as the Omicron wave exacerbates supply delays and labor shortages, data firm IHS Markit reports.
Its flash US Composite Output Index has dropped to 50.8, a sharp tumble on December’s 57.0, close to the 50-point mark showing stagnation.
The slowdown in output growth was broad-based, with both manufacturing and service sector firms reporting that output nearly stalled this…