November Flash PMI Hits Five-Month High

• Output rose to 52.9 from 51.4… Expansion, faster rate
• New Orders rose to 52.8 from 51.1… Expansion, faster rate
• New Export Orders was higher at 49.9 versus 47.2… Contraction, slower rate
• Employment was higher at 52.6 versus 51.8… Expansion, faster rate
• Backlogs of Work was higher at 49.8 versus 49.3… Contraction, slower rate
• Output Prices was higher at 52.6 versus 51.6… Rise, faster rate
• Input Prices was higher at 63.6 versus 57.1… Rise, faster rate
• Stocks of Purchases was higher at 47.5 versus 46.4… Contraction, slower rate
• Stocks of Finished Goods 47.7 was lower than 48.7… Contraction, faster rate
• Quantity of Purchases was flat at 51.5 versus 51.5… Expansion, rate unchanged
• Suppliers’ Delivery Times sank to 46.2 from 47.8… Lengthening, faster rate

PMI index readings above 50.0 signal an increase or improvement on the prior month, while readings below 50.0 indicate a decrease.

Markit said about this month’s report:

Manufacturers reported a further rise in output during November, with a number of companies attributing this to larger volumes of new work. Moreover, production increased at the strongest rate since June, having quickened from the near-stagnation recorded two months previously.

This is not generally a market moving number unless it is grossly different from economist expectations.

JON C. OGG