US Manufacturing PMI Misses Expectations: Softening Labor Market Conditions Raise Slowdown Fears
Portfolio Pulse from Piero Cingari
The US manufacturing sector continues to struggle with a slower-than-expected rebound, with the S&P Global US Manufacturing PMI confirmed at 49 for July 2023, an improvement from June's six-month low of 46.3. The ISM Manufacturing PMI saw a small uptick from 46 in June to 46.4 in July 2023, missing expectations of 46.8. There has also been a decrease in job vacancies, indicating potential softening in the labor market. The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.3% and the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) surged 0.5%.
August 04, 2023 | 9:13 am
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POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) surged 0.5% amid slower-than-expected rebound in the US manufacturing sector and potential softening in the labor market.
The slower-than-expected rebound in the US manufacturing sector and potential softening in the labor market could positively impact the performance of the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.3% amid slower-than-expected rebound in the US manufacturing sector and potential softening in the labor market.
The slower-than-expected rebound in the US manufacturing sector and potential softening in the labor market could negatively impact the performance of the SPDR S&P 500 ETF Trust (NYSE:SPY) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80