ISM Services PMI Rises To 51.4, Exceeding Analyst Expectations

On August 5, 2024, the Institute for Supply Management released ISM Services PMI report. The report indicated that ISM Services PMI increased from 48.8 in June to 51.4 in July, compared to analyst consensus of 48.8.

New Orders Index increased from 47.3 in June to 52.4 in July, while Employment Index grew from 46.1 to 51.1.

The Institute for Supply Management commented: “The increase in the composite index in July is a result of an average increase of 5 percentrage points for the Business Activity, New Orders, and Employment indexes, offset by the 4.6-point drop in the Supplier Deliveries Index.”

Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report. The report showed that S&P Global Services PMI declined from 54.8 in June to 54.3 in July, compared to analyst consensus of 55.

U.S. Dollar Index made an attempt to climb back above the 102.60 level as traders reacted to the better-than-expected ISM Services PMI report. It remains to be seen whether it will provide sufficient support to the American currency during global market panic.

Gold remains under pressure as traders sell most assets to raise money during the panic. Currently, gold is trading near the $2390 level.

SP500 continues to rebound from session lows and is moving towards the 5200 level. Stock traders stay focused on recession fears.

For a look at all of today’s economic events, check out our economic calendar.