US PMI / Services and Manufacturing – a tale of two sectors
Economic growth indicators in the US were given mixed news this afternoon which has much been the theme of recent data releases across the pond of late.
As the Services PMI print recorded its best reading since May 2015 (56.9 vs 55.0), Manufacturing PMI missed analyst forecasts coming in at 52.5 against an expected 53.5. Whilst the manufacturing print recorded a two month low, there are strong signs to suggest the Federal Reserve has much to be optimistic about ahead of the Jackson Hole Conference which kicks off tomorrow. Whilst the US growth story remained a tale of two sectors for August, the recent GDP print suggests that the US economy is gaining momentum for the third quarter of 2017, helped by an immense labour force and job creation equalling its best pace in the year to-date, economic growth should remain on course to outperform relative to Q2.
US private sector growth hits 27-month high in August, manufacturing lags
Anthony Kurukgy quoted in ShareCast