Novembers ISM PMI (Producers Manufacturing Index), which is a Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry was released today. The ISM PMI is a leading indicator of economic health because business react quickly to the economic conditions. 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 56.4, but the actual headline number was 56.6. This was considered a yawn as it beat forecast, but failed to beat the months prior 56.9 reading.
Figure 1.
New orders, production, exports were down (not good) while inventories & imports increased (bad). Prices pretty much stayed flat to slightly down. Over all not a great report.
Figure 2.
Figure 3.
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