INDICATOR: Supply Managers' November Survey
KEY DATA: ISM (Manufacturing): 57.3 (up 0.9 point); Orders: up 3.0 points: Employment: up 3.3 points; Backlogs: up 2.5 points.
IN A NUTSHELL: "The manufacturing sector is bouncing back strongly and that is the clearest sign that any government-induced slowdown is behind us."
WHAT IT MEANS: The incompetent Congress couldn't even succeed in killing the economy, though it tried as hard as it could. Whatever negative impacts may have come from the threats and then the reality of the shut down and sequester is basically gone. The manufacturing sector is starting to accelerate, according the Institute for Supply Management. The November numbers were robust as activity jumped. The overall activity measure hit its highest level since April 2011, powered by rapidly growing orders, production and most importantly, hiring. Growing backlogs indicate these gains should be sustained. Indeed, customer inventories are too low and that could mean more order growth is on the horizon.