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US Non Manufacturing PMI Improves

James Boston
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The Institute for Supply Management has published the key Non Manufacturing PMI for the US economy for the month of July. This figure has been announced as 58.7, by comparison the June reading was for 56.0 and the expectation for today’s July figure was for a rise to 56.3. Confirmation of the economic trend outside the industrial sector was evidenced by the Services and Composite PMI readings also released today by Markit Economics. The PMI Services number for the month of July was announced as 60.8, this compares to the 61 experienced in June and markets had not anticipated any movement from this number. The PMI Composite therefore becomes 60.6, this relates to the 61 level that was reported in June.

The US manufacturing sector is not being ignored today, the monthly Factory Orders change has been released as 1.1% for the month of June, this is in comparison to the -0.5% fall in May, markets had not expected this strong of an improvement in orders in June, consensus was at just 0.6%. For reference the ex Transport Factory Orders have also been announced as having risen by 1.1% on the month compared to May’s fall of -0.1%.

Also released in the US this afternoon was the monthly TIPP number, this measure of Economic Optimism has been reported as 44.5 for August, the July reading was 45.6 and markets had expected a rise to 46.2 in this month’s numbers.

From the consumer sector the weekly Redbook sales numbers have been announced for the week ended 28th July. Year on year a change of 4.6% has been reported for this week compared to 3.0% the previous week and a market consensus estimate of 3.2%. Month on month the Redbook number has been announced as -0.4%, this is in comparison to the contraction of -0.6% previously reported.

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