US S&P Manufacturing PMI surges to 50.4 in April

S&P Global Composite PMI increased to 53.5 (flash) from 52.3 in March, indicating that the private sector of the US economy continued to grow at a brisk rate in April. This figure was higher than the 52.8 market forecast.

In the same time, the S&P Global Manufacturing PMI increased to 50.4 from 49.2, and the Services PMI nudged up to 53.7, exceeding analysts’ expectations of 51.5.

The most recent survey is another indication that business activity is growing again after declining over the seven months leading up to January. The estimate from Friday suggests that the GDP is expanding at an annualized rate of just over 2%.

The dollar gathered strength against its major rivals with the initial reaction. As of writing, the US Dollar Index was up 0.17% on the day at 101.97.