Chillin' out till it needs to be funded
As the Chicago PMI fortold last week the ISM PMI for manufacturing jumped on growth in employment sub index to 59.9 from 56 last month and new orders rose to a ever healthy 57.6 up 0.9 points. Next, as per our December auto sales we should be looking at closing with Auto sales for 2011 at 13. 5 mln plus, even as Brent crawls up from pressure in the Straits of Hormuz. The spine crawling saga will still not be a back breaker as Private payrolls earned their sustenance at 150,000 additions in this week’s report and construction spending is up by a hefty 1.2%, even as people enjoy the New Year holidays. It may not affect us slightly more than last year as Americans reduce the number of miles travelled, i.e. cuttin gon that gas expense every month since 2009
AT 53.9 the US PMI is almost on par with India’s 54.1 at the top of global numbers as Europe, South Korea and Taiwan scavenge at the bottom with below 47 scores ( living off fat surpluses in South Korea’s case) UK and China got better than most too with 49.7 and 50.3 scores on their official charts for the last statistics from 2011
Oprah’s working! And so is the Goldman Sachs machine as Republicans go out on the Iowa trail, leading Obama to greater comfort everytime the GOP elephant speaks. Treasuries are down and Stocks up as US Dollar corrects to inverse the as usual too shortlived a correction in commodities.