Markit Manufacturing: "November PMI at seven-month high..."
The November US Manufacturing Purchasing Managers' Index conducted by Markit came in at 52.6, up 1.3 from the 51.3 final October figure. Markit's Manufacturing PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.
Here is an excerpt from Chris Williamson, Chief Business Economist at IHS Markit in their latest press release:
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 since January, encouraging increasing numbers of firms to take on more workers. Exports are also back on a rising trend, firms are buying more inputs and re-building inventories, adding to the signs of improvement." [Press Release]
Here is a snapshot of the series since mid-2012.
Here is an overlay with the equivalent PMI survey conducted by the Institute for Supply Management (see our full article on this series here, note that ).
The next chart uses a three-month moving average of the two rather volatile series to facilitate our understanding of the current trend.