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US flash services PMI from S&P Global 54.7 vs 58.0 expected

Started by forex4you, Apr 23, 2022, 11:41 am

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US flash services PMI from S&P Global 54.7 vs 58.0 expected

Lowest since Oct 2021     Prior services 58.9     Manufacturing 59.7 vs 58.2 expected     Prior manufacturing 58.5     Composite 55.1 vs 58.5 prior     New services export orders hit survey high     Employment rose strongly     New orders and output boosted manufacturing   The survey said services providers hiked their prices at the steepest pace on record. Reading through the details, the fall in confidence is because worries about cost are balancing out surging orders. Looking ahead, it's a question of what will cool first, demand or prices? Commenting on the flash PMI data, Chris Williamson,     Chief Business Economist at S&P Global said:  "Although still indicative of annualised GDP growth of     approximately 3%, the April PMI surveys point to the     upturn losing some momentum compared to the strong     rebound seen in March, when services activity in     particular had been buoyed by loosened pandemic     restrictions in the US and abroad.  "Many businesses continue to report a tailwind of pent up     demand from the pandemic, but companies are also     facing mounting challenges from rising inflation and the     cost of living squeeze, as well as persistent supply chain     delays and labor constraints.  "These headwinds, plus increased concerns over the     economic outlook and tightening monetary policy, meant     business confidence about the outlook slipped sharply     lower in April. However, with the overall pace of     economic growth and hiring remaining relatively solid, for     now the focus from a policy perspective is likely to remain     firmly on the need to rein in the record high inflationary     pressures signaled by the survey."

Source: US flash services PMI from S&P Global 54.7 vs 58.0 expected

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