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ECON: Stronger-Than-Expected ISM Data Gives Rally Pause
Posted to: Micro News
Friday, February 1, 2013 10:11 AM
- Headline PMI up to 53.1 vs 50.6 Consensus
- New Orders 53.3 vs 49.7 Previously
- Employment Index 54.0 vs 51.9 Previously
- Reaction: this has served as a counterpoint to the NFP rally, albeit a smaller one. MBS are 5 ticks off highs, still up 12 ticks on the day at 103-20
The PMI registered 53.1 percent, an increase of 2.9 percentage points from December's seasonally adjusted reading of 50.2 percent, indicating expansion in manufacturing for the second consecutive month. The New Orders Index registered 53.3 percent, an increase of 3.6 percent over December's seasonally adjusted reading of 49.7 percent, indicating growth in new orders. Manufacturing is starting out the year on a positive note, with all five of the PMI's component indexes — new orders, production, employment, supplier deliveries and inventories — registering above 50 percent in January.
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