Purchasing managers' index fell more than expected
US industry lost a little more momentum than expected at the beginning of the year. The purchasing manager index in January fell to 58.7 points from 60.5 points in December, according to a company survey by the Institute for Supply Management (ISM). Experts polled by Reuters had only expected a drop to 60.0 points.
With a value of well over 50 points, the barometer is still showing strong growth despite the decline.
According to Helaba economist Patrick Boldt, the level is still very high and speaks for a friendly outlook in the industry: “The US central bank will nevertheless stick to its expansionary orientation for the time being, because the corona crisis is still slowing down economic dynamism. This is particularly striking the service sector too. “
The US real estate market, meanwhile, had continued tailwind at the end of last year. Construction spending increased by 1.0 percent in December, according to the Ministry of Commerce. Experts had only expected an increase of 0.9 percent, after a revised increase of 1.1 percent in November.
