PMI Manufacturing Index - higher beats estimates
Released On 1/2/2014 8:58:00 AM For Dec, 2013
Prior Consensus Consensus Range Actual
Level 54.7 54.5 54.4 to 54.6 55.0
Highlights
Manufacturing growth picked up slightly in the later half of December based on Markit's PMI which came in at 55.0 for final December, the best reading since January and up from 54.4 at mid-month and compared to 54.7 in final November.
In a positive for the jobs outlook, December got a boost from employment which rose nearly 2 points to 54.0 to indicate the best rate of monthly growth since March. Manufacturing payrolls have been climbing in recent months and this reading points to another month of growth.
Other key readings show steady rates of growth including output, at a very solid 57.5, and new orders at 56.1, also solid and sustainable. New export orders are soft but positive, steady at 51.4, while total backlog orders are climbing, at 52.8 which is solid for this reading.
Price pressures for both inputs and outputs are rising but within a muted price environment. Inventories for both raw materials and finished goods are being drawn down but at a slowing rate, this is consistent with rising activity yet may be a negative signal given an unwanted build in the third quarter.
Manufacturing growth is healthy and sustainable and appears to be well up from a third-quarter lull. The ISM report, which was the first report to signal strength going into year end, will be posted later this morning on the Econoday calendar at 10:00 a.m. ET.
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