US S&P Manufacturing PMI increases to 52.4, while Services PMI drops to 51.1
US Private Sector Growth Moderates in March
Economic activity among US private businesses continued to grow modestly in March, as the preliminary S&P Global Composite PMI registered 51.4, a slight dip from February’s reading of 51.9.
During this time, the Manufacturing PMI climbed to 52.4 from 51.6, while the Services PMI edged down to 51.5 compared to 51.7 previously.
Commenting on the latest results, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, noted, “March’s flash PMI data point to the challenging mix of slowing growth and increasing inflation pressures in the wake of the Middle East conflict.”
Williamson further explained, “The Federal Reserve faces the difficult task of balancing heightened inflation risks with concerns about weakening economic momentum. Much will depend on how long the conflict lasts and its effects on energy costs and global supply chains.”
Impact on Financial Markets
Following the release of the PMI figures, the US Dollar Index maintained its upward trend, recently advancing 0.3% on the day to reach 99.45.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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