A very bullish report on the ISM Manufacturing front as a reading of 60.8 was hit. While manufacturing is only 11% of the economy, and 9% of employment (and employs less people today than anytime since the early 1940s) it still has a good halo effect, as a better outlook for manufacturing workers feeds into associated service workers around them. Thursday’s ISM Non Manufacturing is more pertinent to the greater economy.
As we have seen in other recent reports, prices paid jumped sharply…. as in 2008 this should begin to cut into profit margins. However, backlog and new orders were very promising in this report.
The data has the S&P 500 back to yearly highs as the “correction” (1 day) is already a distant memory. Hope you did not blink. :)