US Manufacturing PMI Rebounds To 13 Month Highs On Post-Election Optimism, Decouples From Production Slump
Following the bump in Eurozone PMIs this morning, Markit reports November US manufacturing at 53.9 (better than 53.5 expected) and its highest since Oct 2015, showing “further signs of factories and their customers moving away from destocking to inventory-building amid a more optimistic outlook.”
However, hope in the PMI survey seems to be decoupling from reality in actual production.
Under the covers, everything looks awesome with new orders rising (highest since Oct 2015), employment spiked to one of the largest of the year, and output jumped to its highest since March 2015.
This post was published at Zero Hedge on Nov 23, 2016.