US Manufacturing Survey Disappoints, New Orders/Employment Plunge

Zero Hedge | 12/2/2019 | Staff
ArceusArceus (Posted by) Level 3
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After China's "surprise" PMI beat...

...and Europe's 'bottoming'...

World - Everything - China - Industrial - Profits

...the world seems convinced that everything is awesome again (despite China Industrial Profits collapsing at a record pace) and expectations were for US Manufacturing surveys to extend their rebound in November.

This was the highest PMI since Feb 2019.

Markit - Manufacturing - Output - Order - Growth

According to Markit, manufacturing output and new order growth rates improve to 10-month highs with the fastest rise in employment since March, but business confidence remains subdued.

And, according to ISM, new orders and employment both contracted further...

Data - Board

The data was ugly across the board:

According to the ISM, there was just one series that printed in expansion, or above 50 - supplier deliveries - as almost every other series sank deeper into contraction.

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As ISM notes, "Consumption contracted, due primarily to lack of demand, but contributed positively (a combined 1.8-percentage point increase) to the calculation."

Respondents

The respondents were rather gloomy:

Chris Williamson, Chief Business Economist at IHS Markit said:

Rise - PMI - US - Patch - New

"A third consecutive monthly rise in the PMI indicates that US manufacturing continues to pull out of its soft patch. New orders and production are rising at the fastest rates...
(Excerpt) Read more at: Zero Hedge
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