UPDATE: Markit U.S. PMI for November is out.
The index unexpectedly rose to 52.8.
Gains were led by input prices (63.7 from 57.1) and new export orders (50.3 from 47.2).
Below is the full breakdown of sub-indices:
Below is a chart from the release showing the jump in the input price sub-component of the index over the past few months:
More from the release:
Commenting on the final PMI data, Chris Williamson, Chief Economist at Markit said:
“Manufacturers reported that business conditions improved to the greatest extent for six months in
November, but the overall performance of the sector in terms of production and job creation remains
frustratingly weak. The boost in the figures can also be partly attributed to new work resulting from Hurricane Sandy.
“Manufacturing looks likely to provide only a modest contribution at best to economic growth in the final quarter of the year and, alongside signs of renewed weakness in consumer spending, suggests that GDP growth will have slowed markedly from the 2.7% pace seen in the third quarter.
“However, the stabilisation of exports in November after five months of decline is a welcome development. With the domestic economy heading towards the ‘fiscal cliff’ in the new year, sales to foreign markets may prove to be vital in helping prop up the manufacturing sector in coming months.”
ORIGINAL: Minutes away from the first big economic data release of the day in the United States: the final Markit Purchasing Managers Index reading for the month of November at 8:58 AM ET.
Economists expect the index to tick down to 52.1 from the initial reading of 52.4.
We will have the release here at 8:58 AM ET. Click here for live updates >
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