PGNY - Bad PMI: Great Excuse For A Sell-Off; It's Healthy And Unsurprising At Least To My Regulars
There is no denying that the economic numbers released this morning were less than perfect
Current numbers are tepid for sure; manufacturing activity continued to lag in November amid a lag in inventories and new orders lowest in 10 years. The reading came in at 48.1 vs. an expected 49.4 and below last month’s 48.3 reading. A reading below 50 is a contraction. November was the fourth straight month below the expansion level.
New orders slumped to 47.2, down 1.9 percentage points from October’s 49.1. Inventories, which are a key input for gross domestic product,