S&P Global U.S. Services PMI For August 51.0 Vs 52.3 Est.; 52.3 Prior
Portfolio Pulse from Happy Mohamed
The S&P Global U.S. Services PMI for August was reported at 51.0, lower than the estimated 52.3 and the prior figure of 52.3.
August 23, 2023 | 1:48 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.
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, by extension, the SPY ETF. However, other factors also influence the ETF's performance, so the impact may not be immediate or direct.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80