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US business activity falls to 3-month low as virus cases slam recovery momentum, IHS says

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A key measure of US economic activity snapped a two-month streak of improvements as soaring COVID-19 case counts prompted new restrictions in December.

IHS Markit’s flash composite index of US business activity fell to 55.7 from 58.6 this month, according to a Wednesday release. The reading marks the gauge’s lowest level since September. Still, readings above 50 indicate overall growth.

A slowdown in services dragged on the broader index. IHS’s flash index of service-industry activity fell to a three-month low of 55.3 from 58.4 as renewed lockdowns weakened demand. Input prices climbed as firms shouldered the details ⇒

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