USA ISM Non-Manufacturing PMI For June 53.9 Vs 51.0 Est.; 50.3 Prior
Portfolio Pulse from Happy Mohamed
The USA ISM Non-Manufacturing PMI for June came in at 53.9, beating the estimate of 51.0 and the prior figure of 50.3. This indicates a stronger than expected growth in the non-manufacturing sector.
July 06, 2023 | 2:00 pm
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POSITIVE IMPACT
The higher than expected PMI could lead to a positive impact on the SPY ETF, as it indicates a stronger economy which is generally beneficial for stocks.
The PMI is a key indicator of economic health. A higher than expected PMI indicates that the non-manufacturing sector is growing faster than expected, which is generally positive for the stock market. As SPY is a broad market ETF, it is likely to benefit from this news.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75