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Thursday, June 24, 2021

Markit US April prelim services PMI 63.1 vs 61.5 expected

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Markit services and manufacturing data for the USA

Market PMI
  • Record high for this series
  • Prior was 60.4
  • Manufacturing PMI 60.6 vs 61.0 expected — record high
  • Prior manufacturing 59.1
  • Composite PMI 62.2 vs 59.7 prior — record high
  • New orders highest on record
  • Manufacturing input prices second highest on record (record was last month)

The services, manufacturing and composite indexes are all at record highs. The series started in 2009.

Commenting on the PMI data, Chris Williamson,
Chief Business Economist at IHS Markit, said:

“The US economy is enjoying a strong start to the
second quarter, firing on all cylinders as loosening
virus restrictions, an impressive vaccine roll-out, a
brighter outlook and stimulus measures all helped
boost demand.

“The upturn is broad-based: the service sector is
growing at the fastest rate recorded in almost 12
years of survey history, and manufacturers reported
one of the strongest expansions seen over the past
seven years. The latter was all the more impressive,
as factories continued to be throttled by
unprecedented supply chain delays, a consequence
of which was a further steep rise in prices.

“The worsening supply situation is a concern for the
outlook, especially in relation to prices. Supply needs
to improve to come into line with demand. But with
record supply chain delays driving a rise in backlogs
of uncompleted work of a magnitude not surpassed
for over seven years, firms appear to be struggling to
boost operating capacity in the near-term.”

This is another impressive report. It’s a matter of ‘when’ the Fed follows the BOC, not ‘if’. I think Wednesday’s FOMC is too soon but I don’t see how Powell avoids taking a more upbeat tone.
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