US ISM Services PMI (Mar) 54.0 vs. Exp. 55 (Prev. 56.1, Low. 53, High. 56.8)
The March ISM Services PMI came in at 54.0, slightly below expectations of 55 and down from the previous month's 56.1, indicating a cooling services sector.
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US ISM Services PMI (Mar) 54.0 vs. Exp. 55 (Prev. 56.1, Low. 53, High. 56.8)
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GDP:
- “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for March (54 percent) corresponds to a 1.9-percentage point increase in real gross domestic product (GDP) on an annualized basis".
Inventories:
- "We are purchasing additional inventory to account for geopolitical issues".
- "Stockpiling oil-derivative products in case the extended conflict in Iran or closure of the Strait of Hormuz cause supply issues.”
Jobs:
- "Staffing levels remain adequate; however, attendance declined by approximately 5 percent compared to the previous month".
This drop could imply slower economic momentum which might affect growth projections and poses questions on future monetary policy direction; however, given that the PMI still suggests expansion, the impact may not be severe. Watch for how this influences USD sentiment and market reactions, especially with ongoing geopolitical uncertainties affecting inventories.
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