ISM Non-Manufacturing PMI For July 52.7 Vs 53 Est.; 53.9 Prior
Portfolio Pulse from Happy Mohamed
The ISM Non-Manufacturing PMI for July came in at 52.7, lower than the estimated 53 and the prior figure of 53.9.
August 04, 2023 | 1:47 pm
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NEGATIVE IMPACT
The lower than expected ISM Non-Manufacturing PMI for July may negatively impact the SPY ETF, as it indicates a slower growth in the non-manufacturing sector.
The ISM Non-Manufacturing PMI is a key economic indicator that measures the activity level of purchasing managers in the non-manufacturing sector. A lower than expected figure indicates a slower growth in the sector, which may lead to a negative sentiment in the market, potentially impacting the SPY ETF negatively.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75