Key Insights
- ISM Manufacturing PMI increased from 47.4 in December to 49.1 in January.
- S&P Global Manufacturing PMI improved from 47.9 to 50.7.
- SP500 rebounded towards 4870 as traders reacted to the reports.
On February 1, 2024, the Institute for Supply Management released ISM Manufacturing PMI report. The report indicated that ISM Manufacturing PMI improved from 47.4 in December to 49.1 in January, compared to analyst consensus of 47. Numbers below 50 show contraction. The economic activity in the manufacturing sector contracted for the 15th consecutive month.
The Institute for Supply Management commented: “Demand remains soft but shows signs of improvement, and production execution is stable compared to December, as panelists’ companies continue to manage outputs, material inputs and labor costs.”
Today, traders…
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