Summary
- The U.S. March services Purchasing Managers’ Index (PMI) came in at 49.8, missing the market forecast of 51.1.
- With the PMI falling below 50, it indicates the U.S. services sector has entered a contractionary phase.
- Economist Chris Williamson said the U.S. economy is facing pressure from rising prices and increasing uncertainty.
Forecast Trend Report by Period
The U.S. services Purchasing Managers’ Index (PMI) came in below market expectations.
According to a report released on the 3rd (local time) by S&P Global, the U.S. March services PMI came in at 49.8, missing the market forecast of 51.1. The PMI is an indicator used to gauge expansion or contraction in services activity, with 50 as the dividing line. The latest reading indicates the services sector has entered a contractionary phase.
Chris Williamson, an economist at S&P Global, said the U.S. economy is facing pressure from rising prices and increasing uncertainty.
Meanwhile, this is the first time since January 2023 that the U.S. services PMI has fallen below 50.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
