US surveys show mixed picture

Source: Dukascopy Bank SA


At 14:00 GMT, the markets reacted to two US data survey results, the ISM Manufacturing PMI and the JOLTS Job Openings.

The Institute for Supply Management Manufacturing sector Purchasing Manager's Index was forecast to show a reading of 47.6, but actual data was a bit more pessimistic. The published survey results showed a reading of 47.2.

The US Bureau of Labor Statistics Job Openings and Labor Turnover Survey revealed that there are 8.04 million available jobs in the USA. Economists expected the survey to show 7.64 million job openings.

In general, the two surveys show that manufacturing is doing bad, as expected, but the labour market is looking for a lot more workers than forecast, which is good for the economy. Due to this reason, the reaction is muted, as the surveys cancel one another out.
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