- US Markit Manufacturing PMI rose above 60 in April.
- US Markit Composite PMI climbed to a fresh series high.
- US Dollar Index stays deep in the negative territory around 91.00.
The economic activity in the US private sector continued to expand at an impressive pace in April with the IHS Markit’s flash Composite PMI reaching a series high of 62.2.
The Manufacturing PMI and the Services PMI also jumped to new all-time highs of 60.6 and 63.1, respectively. Both of these readings came in stronger than analysts’ estimates as well.
Commenting on the data, “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,” said Chris Williamson, Chief Business Economist at IHS Markit.
“The worsening supply situation is a concern for the outlook, especially in relation to prices,” Williamson further noted. “Supply needs to improve to come into line with demand.”
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.33% on a daily basis at 90.98.
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