TechFlow News, April 3: According to data from JIN10, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that PMI survey data indicate the U.S. economy is under mounting pressure from rising prices and heightened uncertainty, with the Middle East conflict further exacerbating concerns over recent policy decisions. The services sector contracted for the first time since January 2023, dragging the overall economy down to an annualized growth rate of just 0.5% in March—nearly stagnating. The consumer-facing services segment was hit hardest, registering one of the steepest monthly declines since data collection began in 2009, excluding pandemic-related lockdown periods. Meanwhile, financial services and technology sectors—which performed strongly last year—showed signs of weakening amid financial market volatility and growing concerns over rising interest rates. The key driver behind the economic slowdown is falling expenditure, stemming from eroded purchasing power; additionally, surging energy prices in March triggered sharp increases in both input costs and selling prices. Survey data indicate firms’ increased willingness to pass on higher costs to customers over the coming months, potentially accelerating consumer price inflation toward 4%.
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