- U.S. private sector business activity nearly stalled in early September.
- The Dollar Index remains stable near 105.50 after the PMI data.
The US S&P Global Manufacturing PMI improved to 48.9 in early September from 47.9 in August, pointing to an ongoing contraction in manufacturing sector business activity at a softer pace. The services PMI fell to 50.2 from 50.5 in the same period and the composite PMI stood at 50.1, slightly below 50.2 in August.
Siân Jones, Capital Economist at S&P Global Market Intelligence, commented on the PMI survey results: “The September PMI data raised concerns about the path of demand conditions in the US economy following the rises in interest rates. interest and high inflation.
“While the overall output index remained above the 50.0 signal, it did so only fractionally, with broad stagnation in total activity noted for the second consecutive month,” Jones added, noting that the services sector lost more momentum, with the contraction of new orders gaining speed.
Market reaction
Following these data, the Dollar Index fell modestly and stood at 105.48, with an advance of 0.1%.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
