The Institute For Supply Management reported that the ISM reading for December came in at 53.9 versus the Bloomberg estimate of 53.5… The number might not seem like much of a beat on the surface until you break down the individual components in this economic release. It is also important because this is data that truly looks beyond the holidays for manufacturing of goods during the month of December. With lower inventories reported, any continued strength could signal a restocking cycle that might even be better than expectations.
The prices paid component was 47.5, up from 45.0 in November…
Employment rose to 55.1 from 51.8 in November
New Orders rose to 57.6 from 56.7 in November
Production was up at 59.9 from 56.6 in November
Inventories declined to 47.1 from 48.4 in November
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