XAUUSD SUPP1242$ HURDLES 1268$ IN MCX HNI BUY GAVE29300 HIT 29691 U.S. domestic demand has been the one bright spot in what has been a faltering economy, but there are signs this segment is losing momentum, according to the latest non-manufacturing survey from the Institute for Supply Management (ISM).
Thursday, The ISM said that its non-manufacturing Purchasing Managers Index showed a reading of 53.4% just slightly lower from January’s reading of 53.5%. This is the fifth consecutive month the index has fallen.
Readings above 50% in such diffusion indexes are seen as a sign of economic growth, and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change. Although the index remains in contraction territory, the data has showed a slowing trend.
However, the data was slightly better than expected as consensus forecasts were expecting to see a drop to 53.2%.
