S&P Global US Manufacturing PMI For July 49.6 Vs 49.5 Est.; 51.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global US Manufacturing PMI for July came in at 49.6, slightly above the estimated 49.5 but below the prior month's 51.6, indicating a contraction in the manufacturing sector.
August 01, 2024 | 1:45 pm
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The S&P Global US Manufacturing PMI for July was reported at 49.6, slightly above the estimate of 49.5 but below the previous month's 51.6. This indicates a contraction in the manufacturing sector, which could negatively impact the broader market sentiment.
The PMI reading below 50 indicates contraction in the manufacturing sector, which can lead to negative sentiment in the broader market. SPY, being an ETF that tracks the S&P 500, could see a short-term negative impact as a result.
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IMPORTANCE 70
RELEVANCE 80