Deutsche Bank analysts note that the US manufacturing PMI was revised up 0.4pts to 52.6, which matches the April levels once again.
“To complicate the picture, 15 minutes later the November ISM manufacturing missed at 48.1 (vs. 49.2 expected). You could argue that the data has stabilised somewhat – the reading was only down 0.2pts from 48.1 and remains above the 47.8 low print from September. That being said, the gap to the PMI (and regional fed surveys) is muddying the waters.”
“In addition, the details didn’t add much encouragement with new orders down to 47.2, employment down to 46.6 and new export orders down to 47.9.”