Why the US Services PMI Is Improving Gradually
US Services PMI in April
The April 2017 US Services PMI (Purchasing Managers’ Index) report indicates an improvement in the US (SPY) (QQQ) (VFINX) business sector. The figure stood at 53.1 in April compared to 52.8 in March 2017. It was above the preliminary market expectation of 52.5.
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The services PMI includes the performance of service industries such as computers and IT (information technology), hotels and restaurants, transportation and communication, and financial intermediaries. April saw growth in production volume, new and export orders, and payroll.
Performance of various ETFs
The SPDR S&P 500 ETF, which tracks the performance of the S&P 500 index, rose nearly 1.1% in April 2017. The iShares Russell 2000 (IWM) rose nearly 2.1%.
In the next part of this series, we’ll take a look at the performance of the Germany (EWG) Services PMI in April 2017.