Webinar: Live Event Coverage: US ISM Non-Manufacturing PMI
- The US ISM non-manufacturing PMI came in lower than expected.
- However, the release still suggested robust economic growth in the US.
The Institute for Supply Management’s purchasing managers’ index for the non-manufacturing sectors of the US economy in March came in at 55.2, below both the predicted 57.0 and the previous month’s 57.6. That followed the equivalent manufacturing report released earlier this week, which also suggested a slowdown in March.
Nonetheless, taken together, the numbers still imply only a modest setback in the first quarter and an economy still growing robustly. That, in turn, implies that the rate-setting Federal Open Market Committee is still on course to increase rates several times this year, to the benefit of the US Dollar. Moreover, the US labor market remains unusually strong, judging by the latest ADP National Employment Report released ahead of Friday’s official non-farm payrolls data.
--- Written by Martin Essex, Analyst and Editor
To contact Martin, email him at email@example.com
Follow Martin on Twitter @MartinSEssex
Don't trade FX but want to learn more? Read the DailyFX Trading Guides
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.