- The US ISM manufacturing PMI rose slightly in August.
- The Dollar Index remains in the daily range above 101.50.
Business activity in the US manufacturing sector continued to contract, albeit at a milder pace in August, with the ISM manufacturing PMI rising to 47.2 from 46.8 in July. This reading was slightly below the market expectation of 47.5.
The PMI Employment Index rebounded to 46 from 43.4 in July, while the New Orders Index fell to 44.6 from 47.4 in the same period. Finally, the Prices Paid Index, the inflation component, rose to 54 from 52.9.
Commenting on the survey findings, “Although still in contraction territory, U.S. manufacturing activity contracted more slowly compared to last month,” said Timothy R. Fiore, Chairman of the Institute for Supply Management’s (ISM) Manufacturing Business Survey Committee. “Demand remains weak, output declined, and inputs remained accommodative.”
Market reaction
These figures do not seem to have a significant impact on the valuation of the US dollar. At the time of publication, the Dollar Index was virtually unchanged on the day at 101.62.
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.
