S&P Global US Manufacturing PMI For September 47.0 Vs 48.6 Est.; 47.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global US Manufacturing PMI for September was reported at 47.0, below the estimated 48.6 and the prior 47.9, indicating a contraction in the manufacturing sector.
September 23, 2024 | 1:45 pm
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The S&P Global US Manufacturing PMI for September came in at 47.0, below expectations and the previous month's figure, suggesting 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 economy.
The lower-than-expected PMI indicates a contraction in the manufacturing sector, which is a key component of the US economy. This could lead to negative sentiment in the stock market, affecting the SPY ETF, which tracks the S&P 500 index.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70