US composite PMI indicator consistent with annualized GDP of 3.5%

Chris Williamson, chief business economist at IHS Markit indicates the US PMI is consistent with an annualized GDP of 3.5%.

A markedly improved service sector performance takes the final composite PMI reading above the flash estimate and to its highest for over three years. The composite PMI is a reliable leading indicator of GDP, and has risen to a level which is consistent with the economy growing at an annualized rate of approximately 3.5%.

* the ratio of unemployed workers to open jobs now stands at 0.95, indicating that there is more than one open job for each person out of work
* April marks just the second time since 2000 that there were fewer unemployed workers than jobs open. March is the only other month in which this was the case.

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