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US S&P Global manufacturing PMI improves to 52.5, Services PMI declines to 51.7 in March

  • S&P Global Manufacturing and Services PMIs both arrived above 50 in early March.
  • US Dollar Index stays in positive territory above 103.50.

Business activity in the US private sector continued to expand at a healthy pace in early March, with the S&P Global Composite PMI coming in at 52.2. This reading came in slightly below the February’s 52.5. 

S&P Global Manufacturing PMI improved to 52.5 from 52.2 in the same period, while S&P Global Services PMI edged lower to 51.7 from 52.3.

Commenting on the survey’s findings, “further expansions of both manufacturing and service sector output in March helped close off the US economy’s strongest quarter since the second quarter of last year,” said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.

“The survey data point to another quarter of robust GDP growth accompanied by sustained hiring as companies continue to report new order growth,” Williamson added. “A steepening rise in costs, combined with strengthened pricing power amid the recent upturn in demand, meant inflationary pressures gathered pace again in March.”

Market reaction

The US Dollar continued to gather strength after the PMI data. The US Dollar Index was last seen rising 0.35% on the day at 103.72.

Source: https://www.fxstreet.com/news/us-sp-global-manufacturing-pmi-improves-to-525-services-pmi-declines-to-517-in-march-202403211349

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