US Manufacturing PMI
Event Date: Wednesday, August 23, 2023
Event Time: 12:30 CET
Updated Sunday, August 20, 2023
The US manufacturing stagnated during summer, falling to 50 points in July and to 49.9 points in August, although August was revised higher to 50.3 points later. Since then manufacturing PMI strengthened until December, but manufacturing activity has slowed in January and February and it fell in contraction at 36.1 points in March, as coronavirus spread in the US. April should be worse, but manufacturing is still holding up better than services and it improved to 39.8 points in May and again to 49.6 points in June 2020, which was revised higher to 49.8 points, but that's still a contraction for this sector. Although, manufacturing has reversed and has been surging since then, and remained above 60 points until recently. The PMI indicator has declined below 50.0 points which means stagnation and this month it is expected to fall further. Please follow us for live coverage of this event by experienced market analysts.
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About US Manufacturing PMI
Developed by the Institute for Supply Management (ISM), the ISM Manufacturing PMI provides a look at the conditions facing the U.S. industrial sector. The metric is derived using a 0-100 scale. Basic interpretations include a value over 50 being viewed as positive toward the USD and under 50 negative.A top three global economic power, the United States relies greatly upon domestic manufacturing for economic output. With industrial production accounting for nearly 20% of aggregate GDP, the manufacture of goods is a big part of the U.S. economy. The ISM Manufacturing PMI offers an inside view of the ongoing progress of the manufacturing sector.