Markit is out with its November Flash PMI reading, which came in at 52.4, up from 51.0 in October. Bloomberg had a consensus expectation of 51.0, and the range of estimates was 50.5 to 51.6. Markit said that manufacturing growth strengthened to five-month high in November. Here is a breakdown of the numbers with commentary from Markit:
Output rose to 52.9 from 51.4… Expansion, faster rate
New Orders rose to 52.8 from 51.1… Expansion, faster rate
New Export Orders was higher at 49.9 versus 47.2… Contraction, slower rate
Employment was higher at 52.6 versus 51.8… Expansion, faster rate
Backlogs of Work was higher at 49.8 versus 49.3… Contraction, slower rate
Output Prices was higher at 52.6 versus 51.6… Rise, faster rate
Input Prices was higher at 63.6 versus 57.1… Rise, faster rate
Stocks of Purchases was higher at 47.5 versus 46.4… Contraction, slower rate
Stocks of Finished Goods 47.7 was lower than 48.7… Contraction, faster rate
Quantity of Purchases was flat at 51.5 versus 51.5… Expansion, rate unchanged
Suppliers' Delivery Times sank to 46.2 from 47.8… Lengthening, faster rate
PMI index readings above 50.0 signal an increase or improvement on the prior month, while readings below 50.0 indicate a decrease.
Markit said about this month's report:
Manufacturers reported a further rise in output during November, with a number of companies attributing this to larger volumes of new work. Moreover, production increased at the strongest rate since June, having quickened from the near-stagnation recorded two months previously.
This is not generally a market moving number unless it is grossly different from economist expectations.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Economy Tagged: featured