High Inflation Weighs on U.S., Global Economies

Growth in the U.S. and global economies slowed in May as high inflation dented demand, business surveys said Tuesday.

In the U.S., data firm S&P Global said its composite purchasing managers index—which measures activity in both the manufacturing and services sectors—was 53.8 in May, down from 56.0 in April and the weakest rate of growth in four months. Separately, S&P Global said its index for the eurozone’s services and manufacturing sectors fell to 54.9 in May from 55.8 in April.