US economy continues to weaken

Photo taken on Aug. 5, 2020 shows the U.S. Department of Commerce in Washington D.C., the United States. (File photo: Xinhua)

WASHINGTON, Jan. 24 (Xinhua) -- The U.S. economy continued to weaken in January, with the rate of decline "among the steepest seen since the global financial crisis," said U.S. financial information and analytics provider S&P Global in a press release published Tuesday.

"The U.S. economy has started 2023 on a disappointingly soft note, with business activity contracting sharply again in January," Chris Williamson, chief business economist at S&P Global Market Intelligence, was quoted as saying by the release.

According to the press release, S&P Global found the headline Flash U.S. PMI Composite Output Index, which measures certain aspects of the service and manufacturing sectors, up to 46.6 percent in January from 45.0 percent in December.

However, the number remains under 50, the benchmark separating expansion from contraction, mirroring economists' expectations that the U.S. economy could be heading for a recession this year.