PiCK
US July Manufacturing PMI Misses Forecast at 53.8; Services PMI Rebounds to 53.6
Summary
- The preliminary US July manufacturing PMI came in at 53.8, below the market forecast of 54.4 and slightly lower than the previous reading of 53.9.
- Over the same period, the preliminary services PMI rose to 53.6, sharply exceeding the market forecast of 51.3 and the prior reading of 51.2.
- With both manufacturing and services PMI readings above 50, expansion in the US private sector continued.
Forecast Trend Report by Period
US manufacturing activity slowed slightly in July, with the preliminary purchasing managers index missing market expectations, while the services gauge rebounded sharply.
S&P Global said on July 24 that its preliminary US manufacturing PMI for July came in at 53.8. That was below the market forecast of 54.4 and down slightly from the previous reading of 53.9.
The preliminary services PMI, by contrast, rose to 53.6. That was well above the market forecast of 51.3 and the prior reading of 51.2.
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction. With both the manufacturing and services indexes remaining above 50, the US private sector stayed in expansion. Manufacturing growth eased somewhat, but services activity was stronger than expected.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.