US Factory Growth Strongest in Over 6 Years
The IHS/Markit US Manufacturing PMI jumped to 56.7 in November of 2020 from 53.4 in October, beating market forecasts of 53, flash estimates showed. The reading pointed to the strongest expansion in factory activity since September of 2014, amid a marked rise in output, largely driven by a notable uptick in new business as demand conditions improved. Moreover, the rise in production was the fastest since March 2015 and new export orders also rebounded but job creation slowed despite the strongest rise in backlogs of work since August of 2014. The rate of input price inflation picked up to the fastest since October of 2018, as demand for inputs increased once again and amid a record-breaking deterioration in vendor performance. Higher supplier prices were passed on to clients in part, however, through the sharpest rise in charges for over two years. Finally, business confidence soared to the strongest since February of 2015.
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