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Wall Street fell as US private sector activity fell in March

2019-03-22 03:29 pm | Resource: News | No Views : 120

Dow Jones Industrial Average was down 1.08% or 282 points at 16:59 GMT with the release of private sector activity, housing and wholesale inventories. Meanwhile, Nike shares fell after the company reported its third-quarter profit after the bell yesterday, showing weaker sales growth in North America.

US private sector activity fell in March

IHS Markit said in a statement released on Friday that the composite output index in the United States showed a decline in economic activity in the world's most powerful economy, reaching 54.3 and reaching its lowest level in six months. The reading in February was 54.3. The services index was at 54.8, 1.2 points lower than the previous month's reading, while the manufacturing index was at 51.6, 1.1 points lower than the previous month.

March data showed a slowdown in US private sector production growth due to lower demand and relative slowdown in new work. The slowdown in growth was reflected in the lowest hiring, with the latest data showing the weakest increase in payroll since June 2017.

"US companies reported a weaker end for the first quarter as output growth fell to the second-lowest level recorded last year, but the PMI survey data remains resilient, indicating an annualized growth of more than 2 percent in Chris Williamson, Chief economist at IHS Markit, in the first quarter, suggesting some potential upside to many of the current growth forecasts.

Elsewhere, US Trade Representative Robert Leitzer and Treasury Secretary Stephen Menuchin are scheduled to travel to Beijing next week for another round of trade negotiations with China.

US Stocks Open
  • The Dow fell 0.93%, or 239 points at 17:08 CET.
  • While the Nasdaq 100 fell 0.82% at the same time.
  • At the same time, the S & P 500 was trading 0.82% in the negative territory.

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