S&P Global US Services PMI For July 52.4 Vs 54 Est. 54.4 Prior
Portfolio Pulse from Happy Mohamed
The S&P Global US Services PMI for July was reported at 52.4, lower than the estimated 54 and the prior figure of 54.4.
July 24, 2023 | 1:45 pm
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NEGATIVE IMPACT
The lower-than-expected PMI could potentially impact the SPY ETF, which tracks the S&P 500 index.
The S&P Global US Services PMI is a key economic indicator. A lower-than-expected PMI suggests a slowdown in the services sector, which could negatively impact the overall economy and, by extension, the S&P 500 index that SPY tracks.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75