USA Chicago PMI For July 45.3 Vs 45 Est.; 47.4 Prior
Portfolio Pulse from Benzinga Newsdesk
The Chicago Purchasing Managers' Index (PMI) for July came in at 45.3, below the estimated 45 and the prior month's 47.4. This indicates a contraction in business activity in the Chicago area.
July 31, 2024 | 1:47 pm
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NEGATIVE IMPACT
The Chicago PMI for July fell to 45.3, below expectations and the previous month's figure, indicating a contraction in business activity. This could negatively impact the SPY ETF in the short term as it reflects broader economic concerns.
The Chicago PMI is a key economic indicator. A lower-than-expected PMI suggests weaker business activity, which can lead to negative sentiment in the stock market, potentially impacting the SPY ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80