S&P Global Services PMI (May) 54.8 vs 51.2 Est.
Portfolio Pulse from Benzinga Newsdesk
The S&P Global Services PMI for May came in at 54.8, significantly higher than the estimated 51.2, indicating strong growth in the services sector.
May 23, 2024 | 1:45 pm
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POSITIVE IMPACT
The S&P Global Services PMI for May exceeded expectations, coming in at 54.8 compared to the estimated 51.2. This indicates strong growth in the services sector, which could positively impact the S&P 500 index and, by extension, the SPDR S&P 500 ETF (SPY).
A higher-than-expected PMI indicates robust growth in the services sector, which is a significant component of the economy. This positive economic indicator is likely to boost investor confidence in the S&P 500, positively impacting SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80