The Magazine for Asian Investors
The Institute for Supply Management released the ISM non-manufacturing PMI for March, which rose to 58.3 from 56.5 the previous month but is below expectations of 58.4.
S&P Global reported that the final purchasing managers’ index for the services sector rose to 58.0 in March, the highest level in four months from 56.5 in February, but below the preliminary figure of 58.9.
The Markit Composite PMI for March rose to 57.7 from 55.9 the previous month, below analysts’ expectations, which had predicted an increase to 58.5.
The PMI has shown positive growth due to strong market demand, including an upturn in new orders, employment and business confidence.
The PMI index remains above the 50 mark, indicating that the service sector in the US continues to expand.
In addition, the U.S. Commerce Department announced that the U.S. trade deficit fell 0.1% in February to $89.2 billion. However, this was above analysts’ estimates of $88.5 billion. Imports rose 1.3% in February to $317.8 billion. Exports rose 1.8% to $228.6 billion.