Thursday might not have seen great numbers at all on the jobs numbers, but the manufacturing data coming on the market is looking mixed to slightly better than the jobs data.
The first report was the Purchasing Managers Index (PMI) on manufacturing for April, coming in at a slight drop at 55.4, versus 55.5 in the prior report. Bloomberg’s consensus estimate was 55.8.
A stronger reading came from the Institute for Supply Management (ISM) Manufacturing Index for April. This reading rose to 54.9 in April, versus a prior report of 53.7. Bloomberg called for a reading of 54.3.
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What stands out here is that both readings are well above 50.0, the breakeven benchmark. This is also slightly newer data than what we saw from the first quarter’s pathetic 0.1% gain in gross domestic product.
Neither one of these reports is likely to skyrocket stocks, nor should they crater bond prices (sending yields much higher). Still, the DJIA is within 60 points of all-time highs, versus about 15 points within all-time highs for the S&P 500 Index.
All economic reports this week are merely backdrops against the importance of the unemployment and payrolls report from the Labor Department at 8:30 a.m. EST on Friday.
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