Global Economies Flash Warning of Sharp Slowdown –

By Paul Hannon and Gabriel T. Rubin

Updated Aug. 23, 2022 11:11 am ET

Business activity in the U.S., Europe and Japan fell in August, according to new surveys, pointing to a sharp slowdown in global economic growth as higher prices weaken consumer demand and the war in Ukraine scrambles supply chains.

U.S. firms reported a sharp drop in business activity in August in a broad-based decline led by services companies, though manufacturing slowed as well. High inflation, material shortages, delivery delays and interest-rate rises all weighed on business activity, the S&P Global survey said.