On Wednesday, the US Institute of Supply Management (ISM) released data showing that with the increase in new orders and increased production and recruitment by factories, the US November ISM manufacturing index was 61.1, expected 61.2, and October’s value was 60.8. This data highlights that consumers’ elastic demand for commodities, as well as steady business investment, together support the recovery of the manufacturing industry.
In terms of important sub-indexes,The ISM manufacturing employment index is 53.3, a seven-month high,It was 52 in October, which shows that the pace of factory recruitment accelerated last month;The price payment index was 82.4, lower than the expected 85.5, and it was 85.7 in October;The new order index was 61.5, which was 59.8 in October; the production index was 61.5, which was a seven-month high, and was 59.3 in October. Although the supplier’s delivery index has improved from the previous month, it is still very high, indicating that the supply delivery time is very long. long.
After the release of the US November ISM manufacturing data, the US 10-year Treasury bond yield rose by about 2 basis points in the short-term, returning to above 1.49%, which expanded the overall daily gain to more than 4.4 basis points.
Regarding the latest US ISM manufacturing data, Bloomberg commented that the ISM data is consistent with the latest stronger manufacturing data in Europe and China. Globally, manufacturing activity improved last month, but input shortages, high prices and supply chain difficulties are still unfavorable factors for manufacturers.
The final value of the Markit Manufacturing PMI in the United States in November is 58.3, which is the lowest final value since December 2020.Less than expected 59.1, the initial value is 59.1. 50 is the watershed between prosperity and decline.
In terms of important sub-indexes,The final value of the Markit manufacturing PMI input price sub-index rose to 87.6, a new high since the data were recorded in 2007;The final value of the employment sub-index hit a new low since November 2020.
Chris Williamson, chief business economist at IHS Markit, said:
Many areas of the US manufacturing industry are still hampered by supply chain bottlenecks and difficulties in filling vacancies. Although there were some signs in November that the supply chain problems had eased slightly to the lowest level in six months, the general shortage of inputs meant that production growth was severely restricted again, which is consistent with the survey so far. That is to say, the manufacturing industry will drag down economic growth in the fourth quarter.
Although demand remains strong, there were signs in November that the growth of new orders slowed to the lowest level so far this year, because shortages limited the room to boost sales, and because prices continued to rise sharply this month, suppressing customer demand.
Although the company’s average selling price inflation has eased in order to seek to win customers, the input cost inflation rate has hit a new high, which means that profit margins have been squeezed.
Financial blog Zerohedge commented that Markit warned that longer delivery times, supplier shortages and higher energy prices have pushed cost inflation to new highs. On the other hand, ISM data shows that the price payment index has fallen from October. For the deviation of the two data, this is very strange.Return to Sohu to see more
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