Data: Institute for Supply Management, IHS Markit; Chart: Axios Visuals
Two surveys of the U.S. manufacturing industry both showed strong readings last month, with data provider IHS Markit's reading touching its highest level since late 2014.
Between the lines: The headline numbers were reassuring, as were the report's details.
- “The rise in investment spending sends a welcome signal that companies have become more optimistic about longer term prospects, something that was reinforced by a surge in firms’ expectations about production in the year ahead — even in consumer-facing sectors — to the highest since early-2015," Chris Williamson, chief business economist at IHS Markit, said in a press release.
The big picture: "If we look at the world's six largest economies they either have buoyant November manufacturing PMIs (US, China, Germany, India and the UK), or, in the case of a lagging Japan, are showing clear signs of improvement," says Deutsche Bank chief international strategist Alan Ruskin in a note to clients titled "Global PMI is in a 'big is beautiful' virtuous cycle."
