US S&P Global Manufacturing PMI drops to 49.8 in March, Services PMI improves to 54.3
|
- Business activity in the US private sector continued to expand in March.
- US Dollar Index clings to small daily gains above 104.00.
The economic activity in the US' private sector expanded at an accelerating pace in March, with the S&P Global Composite PMI rising to 53.5 (preliminary) from 51.6 in February.
In the same period, the Manufacturing PMI declined to 49.8 from 52.7, falling short of the market expectation of 51.9. On a positive note, the Services PMI climbed to 54.3 from 51.
Commenting on the survey's findings, "a welcome upturn in service sector activity in March has helped propel stronger economic growth at the end of the first quarter," noted Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
"However, the survey data are indicative of the economy growing at an annualized 1.9% rate in March and just 1.5% over the quarter as a whole, pointing to a slowing of GDP growth compared to the end of 2024," Williamson added.
Market reaction
The US Dollar Index edged higher with the immediate reaction to PMI data and was last seen rising 0.1% on the day at 104.25.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
