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US PMIs Drop in April, Confounding Expectations of a Rise

US PMIs Drop in April, Confounding Expectations of a Rise

Martin Essex, MSTA, Analyst

Talking Points

- The ‘flash’ US manufacturing PMI fell to 52.8 in April from March’s 53.3.

- The service-sector PMI dipped to 52.5 from 52.8; both had been expected to rise.

- Check out the DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The ‘flash’ Purchasing Managers Indexes for the US manufacturing and service sectors both dropped in April, ending a run of survey data suggesting that US economic growth continues to rise. The PMIs are now at their lowest levels since September and are lagging further behind the more reliable figures released by the Institute for Supply Management.

The manufacturing PMI had been expected to rise to 53.8 and the services PMI to 53.2. The composite PMI dipped to 52.7 from 53.0 but all the indexes remain well above the 50 level that separates expansion from contraction.

The April manufacturing ISMreport has yet to be issued but the March release concluded that economic activity in the sector expanded again last month and that the overall US economy grew for the 94th consecutive month. However, the index fell to 57.2 from 57.7.

Separately, US data on existing home sales in March came in well above expectations. Sales surged by 4.4% compared with the 2.2% expected and a downwardly-revised 3.9% fall in March. The rebound continues to suggest solid housing demand alongside a low inventories level. Existing home sales in the US are now at their highest levels for more than a decade.

In the currency markets there was little reaction to the data, with EUR/USD easing back modestly but then rallying.

Chart: EUR/USD 5’ Timeframe (April 21, Intraday)

US PMIs Drop in April, Confounding Expectations of a Rise

Chart by IG

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

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