The Institute of Supply Management (ISM) has released its latest Non-Manufacturing Purchasing Managers' Index (PMI) report, which provides insights into the economic condition of the non-manufacturing sector.

The current PMI data indicates an expansion in this sector, signaling a positive trend for the overall US economy.

Notably, the PMI has increased to 54.9, surpassing both the forecasted figure of 51.7 and the previous reading of 51.5.

A PMI reading above 50 percent is a clear indicator of general expansion in the non-manufacturing sector.

The PMI is a composite index that reflects Business Activity, New Orders, Employment, and Supplier Deliveries, all of which are seasonally adjusted.

This report is based on responses from over 370 purchasing and supply executives across 62 industries, providing a comprehensive view of market conditions.

The upward trend in the PMI may enhance investor confidence, which could have a positive impact on financial markets.

Furthermore, the increase in PMI suggests a bullish outlook for the US Dollar, as higher readings are generally viewed favorably.