Gold prices under pressure but holding support above $1,950 as U.S. flash PMI shows muddled economic picture
Monday, the S&P Global Flash U.S. manufacturing PMI data remained in contraction territory but rose more than expected to 49.3, following June's reading of 46. According to consensus estimates, economists were looking for a relatively unchanged 46.1.Meanwhile, the service sector PMI lost momentum, falling to 52.4, down from last month's reading of 54.4. Economists were looking for a reading of around 54.4.
"The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the start of the third quarter. That's down from a 2% pace signaled by the survey in the second quarter," he said.
"Service providers recorded an elevated pace of increase in operating expenses, with wage costs the main driver behind inflation amid greater challenges to retain staff," the report said.
France Dernières Nouvelles, France Actualités
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