5thFebruary 2024
Monday
In a significant developmentscheduled for Monday, the United States is set to release its latest ISMServices PMI data. This announcement is keenly awaited by economists and marketanalysts, as it provides crucial insights into the health of the servicesector, which is a major component of the US economy.
USD - ISMServices PMI
The ISM Services PMI is a pivotal gauge of economic vitality, as businesses swiftly adjust to market dynamics, and purchasing managers are often privy to the most immediate and pertinent perspectives on the economic landscape. This survey encompasses approximately 300 purchasing managers, soliciting their assessment on various aspects of business operations such as employment, production, new orders, pricing, supplier deliveries, and stock levels.
In an unexpected development, the ISM Services PMI in the United States decreased to 50.6 in December 2023, reaching its lowest level in seven months. This represented a decline from the November reading of 52.7 and fell short of the anticipated 52.6. The downturn was marked by a notable deceleration in new orders, which dropped to 52.8 from 55.5, alongside declines in employment (to 43.3 from 50.7) and inventories (to 49.6 from 55.4). Conversely, there was an uptick in production growth, which increased to 56.6 from 55.1, and a slight easing of price pressures, with the index moving to 57.4 from 58.3. The performance of supplier deliveries also saw a marginal improvement, edging up to 49.5 from 49.4. Anthony Nieves, Chair of the Institute for Supply Management Services Business Survey Committee, observed that the responses varied significantly across different companies and sectors, with the predominant concerns being economic uncertainty, geopolitical events, and labor market challenges.
TL;DR
Indicator
December 2023
November 2023
Remarks
1 Overall PMI
50.6
52.7
Decreased to its lowest in 7 months
2 New Orders
52.8
55.5
Notable deceleration in growth
3 Employment
43.3
50.7
Significant decline
4 Inventories
49.6
55.4
Decrease, indicating contraction
5 Production Growth
56.6
55.1
Increased, showing growth
6 Prices
57.4
58.3
Slight easing in price pressures
7 Supplier Deliveries
49.5
49.4
Marginal improvement, closer to stabilization
The ISM Services PMI forecast stands at 51.7, a slight improvement from the previous 50.6 reading.
The ISM Services PMI is scheduled for release at 3:00PMGMT on Monday, February 5th.
The last time, the US ISM Services PMI was announced on the 5th of January, 2024. You may find the market reaction chart (GBPUSD M5) below:
- Forums
- Forex
- Daily News Update by LQDFX
Daily News Update by LQDFX, page-10
-
- There are more pages in this discussion • 26 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)