US ISM Manufacturing PMI rose to 60.7 in December, up from 57.5, above expectation of 56.5. That’s also the higest reading since August 2018. Looking at some details, new orders rose 2.8 to 67.9. Production rose 4.0 to 64.8. Employment also rose 3.1 to 51.5, back above 50. Prices surged 12.2 to 77.6.
ISM said: “The manufacturing economy continued its recovery in December. Survey Committee members reported that their companies and suppliers continue to operate in reconfigured factories, but absenteeism, short-term shutdowns to sanitize facilities and difficulties in returning and hiring workers are causing strains that are limiting manufacturing growth potential. However, panel sentiment remains optimistic (three positive comments for every cautious comment), an improvement compared to November.”
