U.S Recorded Manufacturing Sector Growth Despite Falls in PMI

U.S January PMI was 58.7%, down 1.8 percentage points from December’s 60.5% reading, according to the Institute for Supply Management press release. The PMI denotes expansion in the overall economy for the eighth month in a row after contractions in March, April, and May. 

• January’s Prices Index was 82.1%, up 4.5 percentage points from December’s reading of 77.6%
• The Imports Index was 56.8%, up 2.2 percentage points from December’s reading of 54.6%.
• The Employment Index was 52.6%, 0.9 percentage point higher than December’s reading of 51.7 percent.
• The Backlog of Orders Index was 59.7%, up 0.6 percentage point from December’s reading of 59.1 percent.
• The Supplier Deliveries Index was 68.2%, up 0.5 percentage point from December’s reading of 67.7%. 
• The Inventories Index was 50.8%, down 0.2 percentage point from December’s reading of 51%.
• The New Export Orders Index was 54.9%, down 2.6 percentage points from December’s reading of 57.5%.
• The Production Index was 60.7%, down 4 percentage points from December’s reading of 64.7% 
• The New Orders Index was 61.1%, down 6.4 percentage points from December’s reading of 67.5%.

U.S stocks and the dollar are currently gaining. SPY is up 0.89%, QQQ is up 1.49%, EURUSD is down 0.44%