Services DIve Hard in US Too, But Manufacturing Holds A Bit Better
Earlier today we saw a dive in services all across Europe, as everyone was expecting. The dive was quite deep, while manufacturing held a bit better. Manufacturing did fall in contraction again, but the activity declined less than expected, which improved the sentiment a little.
A similar scenario was expected from the US in the afternoon and that’s what happened indeed. Services PMI was already in contraction, while manufacturing was hanging just above stagnation. Now, they both fell in contraction, with services diving to 39 points. Below is the manufacturing and services report.
US march Services and Manufacturing PMI
- Prelim Markit services PMI at 39.1 points vs 42.0 expected
- Record low for services PMI
- February services stood at 49.4 points
- Markit manufacturing PMI 49.2 points vs 45.1 expected
- February manufacturing PMI at 50.7 points
- Composite manufacturing PMI at 40.5 points against 49.6 prior
So, services have fallen to a record low in the US, but I don’t think this is the bottom of it. Services only started to limit the activity in the US just last week and haven’t closed totally, like in the Eurozone. So, I expect the PMI indicator to dive further next month, as the US goes into a total lock-down.
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