The NY ISM report was strong once again this morning with continued positive signs of economic growth in the NY region. These regional reports have been particularly strong in recent weeks and months. It will be very interesting to see how the markets respond to the international PMI’s (most importantly China’s) as they are released in the coming days. In the USA it’s clear that the recovery is on surer footing than most presumed. Today’s report showed better employment trends, higher input prices and an overall improvement:
“New York City business activity expanded at the quickest rate in five months, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). The Current Business Conditions index rose to 65.6 in November from 64.7 in October.
Future optimism reached a six-month high. The Six-Month Outlook index increased to 71.9 in November from 69.8 in October. Purchasing and supply executives raised their volume of spending after briefly cutting it last month. The Quantity of Purchases index rose to 53.3 in November from 39.4 in October.
The jobs picture was the best in five months. The Employment index advanced to 55.6 in November from 54.4 in October.
Higher input prices were observed more broadly. The Prices Paid index was the highest in two years, rising to 58.9 in November from 51.1 in October.”
Source: ISM NY
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.