Services PMI reaches highest level since January 2023: ISM
The Institute for Supply Management's services PMI (Purchasing Managers Index) moves a notch higher to a reading of 51.6, its highest level seen since January 2023.
Catalysts host Madison Mills examines the latest PMI data alongside employment figures and how US stocks (^DJI, ^IXIC, ^GSPC) and the bond market (^TYX, ^TNX, ^FVX) are moving Monday morning.
To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
The US ISM Services Price Index rising to the highest level since January of 2023. The ISM Services PMI rising at 51.6. That is from 50.8 and is also above the estimate here of 50.2. I also take a look at new employment. The survey data coming in at 47.1, actually a bit of a beat there coming in at 49. So potentially a sign that unemployment is not uh under pressure at least for that particular area here as we continue to take a look here at this data coming in. Again that ISM Services Price Index rising to the highest level since January of 2023. And new orders here the survey coming in at 50.3, the actual number coming in at 52.3. Taking a look at the markets here, you've got them continuing to be under pressure. This has been happening since the market opened this morning. Taking a look at the 10-year yield down just a clip here, but still holding above that 43 level, continuing to see a touch of a steeper or a little bit further out on the curve here in the bond market as we do uh digest that economic data coming in this morning.
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