S&P Global US Manufacturing PMI For August 47.9 Vs 48.0 Est.; 49.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global US Manufacturing PMI for August was reported at 47.9, slightly below the estimated 48.0 and down from the prior 49.6. This indicates a contraction in the manufacturing sector.
September 03, 2024 | 1:45 pm
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The S&P Global US Manufacturing PMI for August came in at 47.9, below the expected 48.0 and the previous 49.6, indicating a contraction in the manufacturing sector. This could negatively impact the SPY ETF, which tracks the S&P 500, as manufacturing is a significant component of the index.
The PMI is a key indicator of the economic health of the manufacturing sector. A reading below 50 suggests contraction, which can negatively affect companies within the S&P 500, potentially impacting the SPY ETF.
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