USA S&P Global US Manufacturing PMI For August 48.0 Vs 49.5 Est.; 49.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The USA S&P Global US Manufacturing PMI for August was reported at 48.0, below the estimated 49.5 and the prior 49.6. This indicates a contraction in the manufacturing sector.
August 22, 2024 | 1:45 pm
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The S&P Global US Manufacturing PMI for August came in at 48.0, below expectations and the previous month's figure, indicating a contraction in the manufacturing sector. This could negatively impact SPY, as it reflects broader economic challenges.
The PMI is a key economic indicator, and a reading below 50 suggests contraction. This can lead to concerns about economic growth, potentially impacting SPY, which tracks the S&P 500 index.
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