The performance of the American economy improved in July

By: Trademagazin Date: 2024. 07. 24. 11:51

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The BMI performance indicator of the US economy improved to a more than two-year high in July, based on preliminary data from the S&P Global Market Intelligence survey. However, the improvement was solely due to the service industry sector, because the performance of the manufacturing industry turned into a decline.

The preliminary July value of the composite BMI (purchasing manager index), which includes both manufacturing and service industry data, rose to 55.0 points, a 27-month high, from 54.8 points in the previous month. Analysts expected 54.2 points for July.

A BMI value above 50 points indicates an increase in the performance of the analyzed economic activity, and a value below 50 points indicates a decrease.

The BMI of the service industry rose to 56.0 points, a 28-month high, from 55.3 points in June. The market expected a value indicating slower growth, 54.7 points for July.

On the other hand, instead of the expected increase, the performance of the manufacturing industry turned into a loss, falling below 50 points, for the first time since January. The July value was 49.5 points instead of the expected 51.7 points after the 51.6 points in June.