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Surprise Further, And Solid, Gains For Flash April US PMIs

  • The S&P Global US PMI bucked expectations of a decline across the board in the preliminary April report, with services rising from 52.6 to 53.7 (cons 51.5) and manufacturing up from 49.2 to 50.4 (cons 49.0).
  • The press release notes the latest composite reading (up from 52.3 to 53.5) is indicative of GDP growth just over 2% annualized, with business activity regaining growth momentum after contracting over the seven months to January.
  • For services, it marks the fourth consecutive monthly increase to leave it at the highest since Apr’22, a greater recovery from notably lower levels than that seen in the ISM Services. The upturn in service output was “solid overall, as greater employment and stronger demand supported the increase.”
  • “Selling prices increased at a sharper pace, as firms responded to higher cost burdens by passing these through to customers where possible amid more accommodative demand conditions. The rate of inflation accelerated for the third month running and was the quickest since last August.”

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