Is it a Recession Yet?
In the U.S. services sector, business activity declined at the fastest since May 2020, signaling the economy may be in recession already. According to S&P Global Market Intelligence, its index of services activity registered 47.3 in July, down from 52.7 in June, but up from the earlier released ‘flash’ estimate of 47.0. Seasonally adjusted indexes had seen steep expansions earlier in the year before declining for the fourth consecutive time. S&P economist Chris Williamson stated …