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According to recent polls, business activity declined in the United States, Europe, and....

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Japan in August, indicating a dramatic slowdown in global economic development

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as rising prices impair consumer demand and the conflict in Ukraine disrupts supply chains.

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In August, American businesses reported a significant reduction in economic activity that was

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driven mostly by the services sector, while industrial activity also declined.

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Business activity was hampered by high prices, supply shortages, delivery delays, and rising interest rates.

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The U.S. economy's composite purchasing managers index, which gauges activity in the

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manufacturing and services sectors fell to 45.0 in August from 47.7 in July.