U.S. Business Activity Hits 11-Month Low as War Drives Prices Higher -- WSJ

Dow Jones03-24

By Justin Lahart

U.S. business activity growth slowed to an 11-month low in March while prices surged, according to a preliminary S&P Global survey released Tuesday.

S&P's composite output index, based on its surveys of services and manufacturing firms, fell to 51.4 from 51.9 in February. That was its weakest reading since April 2025, when Liberation Day tariffs were rattling U.S. businesses. Still, the figure was above 50-the breakeven point between contraction and growth.

Services led the slowdown, with the services activity index slipping to 51.1 from 51.7, also an 11-month low. But factory activity brightened, with the manufacturing index rising to 52.4 from 51.6.

As a survey-based measure, the S&P can be influenced by sentiment, and not just reality. Nevertheless, the readings on inflation were worrisome. S&P Global's index of input prices, based on what firms said was happening to the prices they were paying, hit its highest level in 10 months, driven largely by increased prices for energy items. The index of selling prices climbed to its highest level since August 2022.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 24, 2026 10:48 ET (14:48 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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That was its weakest reading since April 2025, when Liberation Day tariffs were rattling U.S. businesses. Still, the figure was above 50-the breakeven point between contraction and growth. \n</p>\n<p>\n     Services led the slowdown, with the services activity index slipping to 51.1 from 51.7, also an 11-month low. But factory activity brightened, with the manufacturing index rising to 52.4 from 51.6. \n</p>\n<p>\n     As a survey-based measure, the S&amp;P can be influenced by sentiment, and not just reality. Nevertheless, the readings on inflation were worrisome. S&amp;P Global's index of input prices, based on what firms said was happening to the prices they were paying, hit its highest level in 10 months, driven largely by increased prices for energy items. The index of selling prices climbed to its highest level since August 2022. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. 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