US Manufacturing Momentum Slows In November, Services Beat Expectations: Price Pressures Move To Fed's Target
Portfolio Pulse from Piero Cingari
The latest S&P Global PMI data for November shows a contraction in the U.S. manufacturing sector, with the index falling to 49.4, and an unexpected growth in the services sector, with the index rising to 50.8. Employment levels decreased for the first time in over three years, with layoffs attributed to subdued demand and rising costs. Input price inflation eased, particularly in manufacturing, aligning with the Fed's 2% target. The mixed PMI data led to a slight decline in the U.S. dollar, while the SPDR S&P 500 ETF Trust (SPY) remained flat during Black Friday trading.
November 24, 2023 | 3:22 pm
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The SPDR S&P 500 ETF Trust (SPY) remained flat during the Black Friday trading session despite mixed PMI data showing manufacturing contraction and services growth.
The SPY ETF, which tracks the S&P 500, showed no immediate reaction to the PMI data, indicating that the market had already priced in the mixed economic signals or that other factors were influencing the market more strongly at the time.
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