The U.S. equity market has shown resilience as the S&P 500 rebounded by 0.5% driven by a strong service sector performance, particularly reflected in August's PMI jump.
Despite a positive outlook in the service sector with a PMI of 58.5, manufacturing remains under pressure with a decline to 48.3, indicating an ongoing contraction.
The sharp contrast between the robust growth in services, with new orders growing rapidly, and the contraction in manufacturing reveals deeper economic challenges.
While the optimism surrounding the incoming administration brings hope for reduced regulations, the manufacturing sector's persistent difficulties require careful observation.
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