A loss of momentum was recorded in both the manufacturing and service sectors during the latest survey period. Payroll numbers meanwhile increased at the slowest pace since June 2017. On a more positive note, inflationary pressures moderated in August, reflecting the least marked rise in average cost burdens since the start of 2018.

At 55.0 in August, down from 55.7 in the previous month, the seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index signalled the weakest rise in private sector business activity since April. That said, the latest reading was still well above the 50.0 no-change value and broadly in line with its post-crisis average (55.2).