The U.S. services sector cratered in March. The Institute for Supply Management’s (ISM) Services Purchasing Managers’ Index (PMI) declined to 51.2 in March, down from 55.1 in February. The reading was below the market forecast of 54.5, suggesting that the services sector is beginning to cool off. According to the ISM Services PMI, business activity, […]
Archives for April 2023
Atlanta Fed GDPNow estimate slashed to 1.7% for Q1 amid weak data
The Federal Reserve Bank of Atlanta’s GDPNow Model estimate for the first quarter was trimmed to 1.7 percent, down from the previous estimate of 2.5 percent. From the regional central bank: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2023 is 1.7 percent on April 3, […]
India ditching U.S. dollars to internationalize rupees, supporting countries facing ‘currency risks’
Add India to the de-dollarization campaign. As part of broader efforts to internationalize the rupee, India’s government announced that it would begin offering its currency as an alternative for trade to nations that are experiencing a dollar crunch. During a foreign trade policy meeting in New Delhi on Friday, Commerce Secretary Sunil Barthwal stated that […]
WTI crude oil prices top $80 after OPEC+ announces surprise production cut
Saudi Arabia keeps sticking it to President Joe Biden. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, surprised global financial markets by announcing an expected production cut on Sunday. OPEC+ producers confirmed that they will slash output by about 1.16 million barrels per day (bpd), prompting the U.S. administration to call […]
Consumer confidence weakens in March: University of Michigan
The U.S. banking turmoil has so far not really impacted consumers. Still, consumers are getting impatient in this economy. The University of Michigan’s Consumer Sentiment Index was revised lower to 62 in March, down from a previous estimate of 67. This was the first decline in the UMich sentiment index in four months. Expectations were […]