Today we have the release of the Non- Manufacturing PMI data. Whilst the manufacturing sector has been instrumental in leading the U.S. economy through the recession, the service sector has lagged behind. Considering that a large proportion of U.S. economic growth is made up of service sector activity, the result today is important in facilitating confidence in the economy as a whole.
Investor Notes: Non- Manufacturing PMI, 1400 GMT.
- Non- Manufacturing PMI is expected to move marginally from 56 to 56.6, according to the consensus.
- A figure above 50 is considered expansionary and highlights growth in the U.S. Services sector.
- The Richmond Fed survey doubled in both retail and non- retail subsectors this month.
- Employment figures were weaker than expected with the service sector adding 202,000 jobs representing a drop from June’s figure.
- Banc De Binary analysts predict that the Non-Manufacturing PMI report will be positive today, indicating a potential upward movement in the USD/JPY.