ISM Services PMI

The Institutional Support Management (ISM) Non-Manufacturing Index determines the level of activity of purchasing managers in the services sector, and a reading above 50 indicates expansion. To get a reading of this indicator, purchasing managers determine the level of certain elements in the sector, including employment, production, new orders, resource allocation, and inventories.
The ISM manufacturing PMI fell to 46.3 in March 2023, the lowest level since May 2020, compared to 47.7 in February and the consensus of 47.5 indicating that rising interest rates and growing recession fears are starting to weigh on businesses. The reading indicated factory activity contracted for the fifth consecutive month, as companies continue to slow production to better match demand in the first half of 2023 and prepare for growth in the late summer/early fall. New orders (44.3 vs. 47), employment (46.9 vs. 49.1), and the order backlog (43.9 vs. 45.1) contracted faster. Also, production continued to decline (47.8 vs. 47.3), inventories moved into contraction territory (47.5 vs. 50.1), and supplier shipments were the lowest since March 2009 (44.8 vs. 45.2). At the same time, price pressure eased further (49.2 seconds and 51.3 seconds).

Outlook for today's statement and how it will affect the currency

The expected level for today's statement is 54.3
In the event that the current statement is issued at a higher than expected level, it will positively affect the currency, and vice versa

The timing of the statement

The report will be issued at five o'clock in the evening, Mecca Al-Mukarramah time