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The impact of the Middle East war on demand has intensified, and the growth momentum of the U.S. service sector has significantly slowed down.
BlockBeats News, May 5th, S&P Global Market Intelligence Chief Business Economist Chris Williamson stated, "After a slight decline in March, U.S. business activity has resumed growth, but it is clear that since the beginning of the year, the momentum of growth has significantly slowed.
Survey data shows that the GDP annualized growth rate is about a modest 1%. Growth may weaken further as the service sector reports a decrease in new business inflows for the first time in two years, reflecting the increasing impact of the Middle East war on demand. The direct effects of the war are most evident in the service sector, where high prices have led to a decline in discretionary spending (such as vacations and entertainment), while high fuel costs and travel disruptions have also suppressed transportation activity.
However, the decline in demand for financial services is partly related to rising market uncertainty and also reflects market expectations that higher inflation and interest rates will impact real estate and credit activities. Input cost inflation continues to rise, fuel prices are increasing, and prices for goods and services are generally climbing, with wages also on the rise. These factors will transmit to consumer inflation in the coming months." (Jin10)