🚨 Flash Manufacturing PMI

August 22 will bring the release of the Flash Manufacturing PMI report, a crucial indicator for understanding the health of the U.S. manufacturing sector. The latest data reveals that the S&P Global U.S. Manufacturing PMI was revised slightly higher to 49.6 for July 2024, up from an initial estimate of 49.5. Despite this upward revision, it remains the lowest reading of the year, signaling continued challenges for U.S. manufacturers.

The PMI data points to a deterioration in business conditions, with new orders declining for the first time in three months. Although output continued to rise due to a near-record increase in stocks of finished goods and work on outstanding business, the pace of expansion was only marginal. Employment also showed signs of softening. Output prices increased only slightly, the slowest pace in a year, while input costs rose significantly due to higher prices for energy, freight, labor, and raw materials, though the rate of inflation eased to a four-month low.

The manufacturing sector's outlook has seen a modest improvement in business optimism, driven by hopes that the current soft patch in demand will be temporary. Expectations for new business are somewhat brighter following recent political developments, including the Presidential Election.

With the Manufacturing PMI falling from 51.6 in June to 49.6 in July, and forecasts suggesting it may trend around 53.00 points by the end of the quarter, this report will be closely watched for further signals on the economic outlook and potential impacts on monetary policy and market sentiment.

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