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Thursday, March 28, 2024

Non-Manufacturing PMI Rises in November

Courtesy of Mish.

The non-manufacturing PMI follows on the heels of a good showing for manufacturing.

Both indices rose in November according to the ISM Report on Business.

The non-manufacturing PMI follows on the heels of a good showing for manufacturing.

Both indices rose in November according to the ISM Report on Business.This was a solid report with a couple of caveats.

  1. The ISM is a diffusion index as are the Fed regional manufacturing reports. Such indices measure improvement or not. For example, employment rising by 10 employees at one company will offset employment falling by 500 at another company (or vice versa).
  2. The stronger US dollar and troubles in Europe will at some point weigh on exports.

For a discussion of the manufacturing PMI, please see Manufacturing ISM Increases Slightly to 53.2.

Mike “Mish” Shedlock

 

Original article here.

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