S&P Global US Services PMI For July 52.3 Vs 52.4 Est.; 54.4 Prior
Portfolio Pulse from Happy Mohamed
The S&P Global US Services PMI for July was reported at 52.3, slightly below the estimated 52.4 and significantly lower than the prior figure of 54.4.
August 04, 2023 | 1:36 pm
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NEGATIVE IMPACT
The lower than expected PMI could potentially impact the SPY ETF, as it reflects a slowdown in the services sector of the US economy.
The Purchasing Managers' Index (PMI) is a key economic indicator. A lower than expected PMI suggests a slowdown in the services sector, which could negatively impact the broader market and thus the SPY ETF, which tracks the S&P 500.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80