US Business Activity Deteriorates Even Faster as Biden Touts ‘Historically Strong’ Economic Recovery

Contact Your Elected Officials
The Epoch Times Header

U.S. business activity contracted for the fourth straight month in October, and the economic downturn “gathered significant momentum,” S&P Global said on Monday, while the White House touted low unemployment rates and credited President Joe Biden’s economic agenda for a “historically strong” economic recovery.

The S&P Global flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 47.3 this month from a final reading of 49.5 in September.

A reading below 50 indicates private sector contraction. Outside the slump during the first wave of the COVID-19 pandemic in the spring of 2020, business output is currently retreating at its fastest pace since the global financial crisis of 2008–09, according to S&P Global.

“The U.S. economic downturn gathered significant momentum in October, while confidence in the outlook also deteriorated sharply,” said Chris Williamson, S&P’s chief business economist, in a statement.

“The decline was led by a downward lurch in services activity, fueled by the rising cost of living and tightening financial conditions,” he added.

White House Touts Biden’s Actions on Economy

The White House, meanwhile, has focused on other economic data, seeking to paint a picture of a robust economic recovery under Biden’s stewardship as the midterm election looms large and recent polls show Americans trust Republicans more to better handle the economy and inflation.

Gas prices have fallen by an average of $1.22 per gallon nationwide since hitting record highs in June, with the White House releasing a statement touting Biden’s efforts to bring down prices at the pump.

“President Biden is committed to doing everything in his power to bring prices down for American families,” the White House said, citing Biden’s decision to tap the Strategic Petroleum Reserve (SPR) and his repeated jawboning of oil and gas companies to pass on lower wholesale prices to consumers.

By Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Kamala, Please Run Again

Kamala Harris hinted she wants to run for President in 2028, despite poor poll numbers and her loss in 2024. If she runs, the big winners will be the GOP.

Rosie O’Donnell vs. Her Therapist

Rosie O’Donnell's therapist attempted to artfully introduce to her client to the possibility that Rosie's outrage might be performative. It didn’t take.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

Trump Says His MRI Test Performed at Walter Reed Was ‘Perfect’

“I did,” Trump confirmed. “I got an MRI. It was perfect. I gave you the full results. We had an MRI, in the machine … the whole thing.”

Judge Rules Charlie Kirk Assassination Suspect Can Wear Civilian Clothes in Pretrial Hearings

A judge ruled on Oct. 27 that the man accused of assassinating Charlie Kirk last month can appear in civilian clothing during all pre-trial hearings.

New Mexico’s Santa Fe Stops Adding Fluoride to Water

The city also kept in place its monitoring of...

Pro-Palestinian British Speaker Detained, Set for Deportation: DHS

British commentator and pro-Palestinian activist Sami Hamdi was detained by immigration and is to be deported citing national security concerns.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central