S&P Global Services PMI For August 50.5 Vs 51.0 Est.; 52.3 Prior
Portfolio Pulse from Happy Mohamed
The S&P Global Services PMI for August was reported at 50.5, lower than the estimated 51.0 and the prior figure of 52.3.
September 06, 2023 | 1:51 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.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75