US Manufacturing and Services PMI Surprise Ahead of the Weekend

This week started with a surprising jump in the US Empire State manufacturing index, which increased from -24.6 points to 10.8 points, indicating that the manufacturing sector might come out of recession finally. That improved the sentiment for the USD, with the idea that the FED might continue to raise interest rates.

But, the economic data during the week showed a deterioration in the US, with the Philly FED manufacturing index falling further into negative territory, declining from -23.2 points to -31.3 points. But on Friday the manufacturing and services PMI reports showed a decent bounce, showing that the manufacturing sector has left the recession behind. Below are the details of the reports: