On September 5, 2024, the Institute for Supply Management released ISM Services PMI report for August. The report indicated that ISM Services PMI increased from 51.4 in July to 51.5 in August, compared to analyst consensus of 51.1.
The Business Activity Index declined from 54.5 in July to 53.3 in August, while the New Orders Index improved from 52.4 to 53.0.
The Institute for Supply Management commented: “The increase in the Services PMI in August is due to all directly factoring indexes (Business Activity, New Orders, Employment and Supplier Deliveries) with readings close to or above 50 percent.”
Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report for August. The report showed that S&P Global Services PMI increased from 55.0 to 55.7, compared to analyst forecast of 55.2. S&P Global Composite PMI improved from 54.3 to 54.6, while analysts expected that it would drop to 54.1. Numbers above 50 show expansion.
U.S. Dollar Index climbed towards the 101.25 level as traders reacted to the better-than-expected ISM Services PMI report, which indicated that the services sector remained in good shape.
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