Markit PMI shows stronger expansion for manufacturing in November

The Markit PMI is at 54.7 (above 50 is expansion). This was up from 51.8 in October, and up from the November flash reading of 54.3.

From Markit: PMI jumps to highest reading since January

The final Markit U.S. Manufacturing Purchasing Managers’ Index™ (PMI™) registered 54.7 in November, signalling the strongest improvement in manufacturing business conditions since January. The headline index was up sharply from 51.8 in October (a one-year low) and above the earlier flash estimate of 54.3.
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Firms linked the marked rise in output to a stronger increase in new work intakes. Notably, new order growth was strong and accelerated to one of the fastest rates for over one-and-a-half years. [New orders were at 56.2 up from 52.7]
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Employment in the U.S. manufacturing sector increased for the fifth consecutive month in November. However, the rate of job creation slowed to a modest pace that was weaker than the average for 2013 so far.

“The U.S. manufacturing sector has shown surprising resilience in the face of the government shutdown. The average PMI reading so far in the fourth quarter is unchanged on the average seen in the third quarter and the survey is consistent with production growing at an annualised rate of approximately 2.5%." [said Chris Williamson, Chief Economist at Markit]

“One of the most encouraging trends we are seeing, however, is a surge in the production of capital goods such as plant and machinery, which is growing at the fastest rate since the financial crisis, fuelled by rising domestic demand. This is a great sign that companies are feeling sufficiently confident to be boosting investment.”
emphasis added

The ISM PMI for November will be released at 10 AM ET today.