Manufacturing Around the Worlds Grows Faster Than Expected
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January’s Manufacturing ISM Index rose to 58.4, now coming in above 50 for six consecutive months. The this reading was much better than the Bloomberg consensus forecast of 55.5 with individual estimates from 53.5 to 58.0.
Looking at the ISM’s sub-indices; prices paid rose to 70.0 in January from 61.5 in December; the employment index climbed to 53.3 from 50.2; & the new orders index rose to 65.9 compared to 64.8 a month prior.
Markets are trading higher on the news, especially material companies, as manufacturing surveys around the world showed strong than expected gains.
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