PMI Data Surpassed Expectations in the US

PMI data in the US surpassed expectations. PMI data for March in the country was announced today.

While ISM manufacturing PMI announced last week increased to 64.7 and recorded the peak of recent years, ISM non-manufacturing PMI announced today reached the peak of the last years by increasing to 63.7. While the improvement in both manufacturing and non-manufacturing sectors continued, Service PMI reached its peak after 2014 by increasing to 60.4. The coronavirus epidemic had a bad impact on the service sector in the USA as well as in the whole world. The industry is still in the background due to the continuing restrictions. On the other hand, the rate of recovery of data, which declined to 26.7 and recorded a record decline during the quarantine period in the USA, looks good despite the pressures. The monthly growth threshold of 50.0 was surpassed in July, and the best rise in the last 7 years was recorded, exceeding the 60.0 in March. As of the current month, the employment sector in the USA has recovered noticeably and it was stated that the change in April is important for the trend. It is seen that there is an improvement above the expectations on the manufacturing and service side. Record-level stimulus packages undoubtedly play a major role in this recovery. Both the government and monetary policy makers are monitoring employment as the main indicator in the pandemic process. In addition, the FED announced that inflation would be allowed to rise above the target.   Source: Investing.com