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S&P 500 Retains Negative Bias Despite Better-than-Expected ISM Manufacturing Data

September 1, 2022

Via: DailyFX

A gauge of U.S. factory activity remained unchanged last month, defying the doom-and-gloom narrative and worst predictions, and easing fears that the country is headed for hard landing, undermined by the rising interest rates environment aimed at curbing rampant inflation.

According to the Institute for Supply Management (ISM), August manufacturing PMI clocked in at 52.8, the same reading as recorded in July, expanding for the 27th consecutive month and beating expectations calling for a decline to 52.00, a sign that the economy remains resilient despite numerous headwinds. For context, any figure above 50 indicates growth, while readings below that level denote a contraction in output.

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