US Private Sector Activity Slows in April

The United States PMI Composite Output Index, which measures both services and manufacturing business activity, declined to 51.2 in April from 53.5 in March, marking a 16-month low, according to S&P Global's preliminary report.

Services and Manufacturing Sectors Show Mixed Signals

The Flash US Services Business Activity Index fell to 51.4 in April from 54.4 in March. In contrast, the manufacturing PMI improved slightly to 50.2 in April from 48.6 in March, indicating a modest recovery in the sector.

Business Confidence Deteriorates

"Confidence about business conditions in the year ahead has deteriorated sharply, affecting both manufacturers and service providers. This is largely due to growing concerns over recent government policy announcements," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.