by Tyler Durden
Friday, Apr 23, 2021 - 09:53 AM
Despite sagging 'hard' data, 'soft' surveys of US Manufacturing and Services sectors have been resurgent amid stimulus hype, vaccination success, and some reopenings. After new cycle highs in March, preliminary April data was expected to surge even higher... and they did.
Markit US Manufacturing April Flash disappointed, printing 60.6 vs 61.0 expected but was higher vs March's 59.1.
Markit US Services April Flash beat, printing 63.1 vs 61.5 expected and significantly higher vs March's 60.4.
Both Manufacturing and Services PMIs are at record highs.
Source: Bloomberg
Unprecedented supply chain disruptions pushed input costs higher once again in April.
The US has once again pushed to the top of the global Composite PMI league - also a record high...