ISM United States Non-Manufacturing Purchasing Managers Index Report Dropping Soon

ISM United States Non-Manufacturing Purchasing Managers Index report dropping soon

The ISM will publish its Non-Manufacturing Purchasing Managers Index (PMI) for the US service economy on October 3, 2024 at 14:00 GMT. The forecast sees no change in PMI to 51.5, just like the previous month.

This index is considered one of the most important leading indicators of activity and development in the U.S. service sector, collecting from responses of more than 400 companies. Readings above 50 generally point to expansion within the sector, figures below 50 often signal contraction. The next reading could be significant for the U.S. dollar, as the reading above the 50-mark primarily signifies a dollar-positive response in quotes because investors continue to be hopeful about the economy.

While the call is still the same, deviation of this figure may affect market psychology. A print higher than that forecasted might prompt a small likelihood for optimism about growth in the services sector to boost strength in the dollar. A PMI below expectations might reflect slower activity in services and possibly raise concern about momentum in the economy.

The release of ISM Non-Manufacturing PMI will be watched, but all attention may remain in this single reading, which could influence the general performance of the US economy and probably trickle down through financial markets.