New data ISM Services PMI (Aug)
9/5/2024
actual 51.5, previous 51.4
The ISM Services PMI (Purchasing Managers' Index) for August is a key economic indicator that measures the performance of the services sector in the United States. A PMI reading above 50 indicates expansion in the sector, while a reading below 50 indicates contraction.In this event, the actual ISM Services PMI for August came in at 51.5, slightly higher than the previous month's reading of 51.4. This indicates a slight improvement in the services sector compared to the previous month. The actual reading also beat the market consensus estimate of 51.1.
Given the high impact of this event, the slight increase in the ISM Services PMI could potentially have an impact on the US dollar and financial markets, as it provides insights into the overall health of the services sector, which is a significant component of the US economy.
This is not investment advice. Remember to verify the information provided here.
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