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Monday, January 3, 2011

December ISM Manufacturing PMI

The December ISM Manufacturing PMI was released today with seemingly flat-to-better than expected news.  ISM Manufacturing PMI measures level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. It is a survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.  The forecast called for an index of 57.0 in which the actual headline numbers were in-line with this number, but beats the prior months index of 56.6.  
New Orders, backlog orders & Production were up which is good (not significantly).  Employment, exports & supplier deliveries were all down.

Inventories grew higher than expected impacting its index, while supply executives reported prices generally higher in December. 

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