S&P Global announced the US manufacturing, services and composite PMI preliminary data for April 2024.
Accordingly, manufacturing PMI decreased by 2 points to 49.9 in April compared to last month.
The index, which fell to its lowest level in 4 months in this period, was expected to reach 52. The index, which realized below market expectations, was 51.9 in March.
Services sector decreased by 0.8 points
Service sector PMI in the US also decreased by 0.8 points in April compared to last month to 50.9.
The index, which recorded the lowest level of 5 months in this period and remained below market expectations, was estimated to take the value of 52. The index, which showed that the expansion in the service sector slowed down, was 51.7 in March.
The composite PMI, which includes manufacturing and services sectors, also decreased by 1.2 points on a monthly basis to 50.9 in April. The index, which recorded the lowest level of 4 months in the said period, was 52.1 in March.
S&P Global Market Intelligence Chief Economist Chris Williamson, in his assessment of the data, stated that the recovery in the US economy lost momentum at the beginning of the second quarter.
PMI data taking values of 50 and above indicate expansion in the sector, while staying below 50 indicates contraction.
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