As UK markets were closed due to the Early May Bank Holiday yesterday, all eyes turned to the US for the latest ISM manufacturing PMI data. According to the Institute for Supply Management, the index rose to 47.1 in April 2023, which was above forecasts of 46.8, and up from the three-year low of 46.3 recorded in the previous month.
Despite beating market forecasts though, the latest reading pointed to further decline in economic activity in the manufacturing sector for a sixth consecutive month.
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