U.S. ISM manufacturing index increased to 57.3 in November U.S. ISM manufacturing index increased to 57.3 in November from October's 56.4. The employment component improved to 56.5 from 53.2. New orders climbed to 63.6 from 60.6. New export orders edged up to 59.5 from 57.0. Price paid fell to 52.5 from 55.5. Data are better than expected and will weigh on Treasuries as it adds to risk of QE tapering sooner vs later.
Market slightly lower, drifts in early trading Stock futures were quiet throughout the pre-market trading session as investors returned from the Thanksgiving weekend. As is usual this time of year, much of the day’s activity may focus on the retailers, as analysts try to find the winners and losers in the group. The ISM manufacturing index for November beat expectations at 57.3, versus the consensus forecast of 55.5, while construction spending in October rose 0.8%, beating the forecast for 0.5% growth. Following that data, the Dow is down 24 points and the Nasdaq and S&P are both down less than 1 point.
U.S. Construction Spending Pr U.S. Construction Spending Preview: The September and October construction reports will be released and analysts expect to see headline growth of 0.5% in September and 0.4% in October. The two releases were combined as a result of the disruptions caused by the government shutdown. There is some downside risk to today's headlines owing to the shutdown itself as well as the recent tightening in the housing market as mortgage rates have begun to increase.
Citigroup's analysts hold an analyst/industry conference call Healthcare Policy & Services/Managed Care Analysts discuss key industry events for the upcoming week on an Analyst/Industry conference call to be held on December 2 at 10 am.