• Manufacturing PMI 50.2 vs 50.0 (prior 49.7)
• Non-manufacturing PMI 51.7 vs 51.5 anticipated (prior 51.0)

The official manufacturing PMI is the necessary one and it rose above 50 for the primary time since March 2023. That line alerts growth/contraction, so whereas it is a small beat on expectations, it is an necessary one.

Notably, China is on vacation all subsequent week.