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The latest ISM Non-Manufacturing PMI rose for the straight 3rd month. Expectations were for the current numbers to come in lower, However, they ended up beating forecasts.
The markets were projecting a result of around 54.9 points, with the actual print coming in at 57.3 points from 55.5 prior.
The numbers tell a story; business activities remained healthy with the service sector being the most prominent.
The flow of orders increased month to month and made for the best read so far for the year.
This 1.8 point rise was unexpected, as the median was forecast to show a dip from the previous month.
Coronavirus Still a Major Concern
Due to the impact of the coronavirus, traders were waiting to see how far the actual numbers would slip. However, they were pleasantly surprised.
That said, now that the coronavirus is running rampant across the globe, the majority of purchasing managers are concerned about supply disruption if things get any worse.
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