This week, the markets will be watching closely as two of the most influential economic indicators – US ISM Manufacturing and Services PMI figures – are released. With these reports being used to measure the overall health of the US economy, the results could have a dramatic effect on financial markets worldwide. This makes them an essential area for market participants to keep tabs on.
Here are key events to watch out for:
The Canadian economy continued its upward trend in Q3 2022, growing by 0.7%, marking the fifth consecutive quarter of growth.
Analysts predict that the economy will continue to grow and expand by 0.4% in Q4 2022.
The Consumer Confidence Index fell from 109 in December to 107.1 in January 2023, according to the Conference Board.
However, analysts anticipate a possible recovery in the index, with a projected increase to 109 in February.
The Consumer Price Index in Australia increased to a new high of 8.4% in December 2022, up from 7.3% in November.
Analysts predict that the Australian CPI will continue to rise, with an 8.6% increase projected for January 2023.
The US ISM Manufacturing PMI fell to 47.4 in January 2023, the lowest level since May 2020.
Analysts predict a slight rebound in the PMI for February, with a reading of 47.9.
The ISM Services PMI for the United States unexpectedly rose to 55.2 in January 2023, up from a 2-1/2-year low of 49.2 in December.
Analysts predict that the PMI will fall slightly in February 2023 at 54.6.
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