He Manufacturing PMI S&P Global for the United States has risen two tenths in the preliminary reading for October. The indicator has jumped into expansion territory, reaching 50 points compared to 49.8 in September, improving the decline expected by the market consensus to 49.5.
This is the best score achieved by the indicator in six months.
The services PMI has improved eight tenths, rising to 50.9 from 50.1, its best figure in three months. The indicator has improved forecasts, since experts expected a decrease to 49.9.
Finally, the integrated PMI has risen to 51 from 50.2, its highest level in three months.
According to the statement, the American companies pointed out a marginal expansion of business activity during October, after the general stagnation of production observed in August and September. Both manufacturers and service providers reported improved levels of activity as the slowdown in demand moderated. The increase in total production was the fastest in three months.
Demand conditions at manufacturers improved for the first time since April, while service providers saw a slower decline in new orders. Meanwhile, inflationary pressures eased. Cost burdens rose at the slowest pace in three years, and companies moderated sales price increases at the same time. The inflation rate fell to the weakest since June 2020 and was slower than the long-term series average.
dollar reaction
The Dollar Index (DXY) has shot up after the data, going from the 105.98 area to 106.19, a new daily high. At the time of writing, the greenback is trading above 106.18, gaining 0.56% on the day.
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.
