Markit manufacturing PMI jumps more than forecast

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The Institute of Supply Management and Markit Economics are releasing their monthly reports on US manufacturing on Thursday.

Markit reported its index at 54.1, up from 53.9 in its flash reading. Many manufacturers told the firm that clients were more willing to spend with the uncertainty over the election over.

"Both production and order books are growing at impressive rates, fueled predominantly by rising domestic demand for goods from both consumers
and businesses," said Chris Williamson, Markit's chief business economist. "Companies are also rebuilding stock levels, suggesting the recent inventory drag is easing."

The ISM purchasing manager's index (PMI) is forecast to improve to 52.5 from 51.9 for November. Regional data received over the past month suggested improvement in the sector and pointed to a strong report, Nomura economists said in a note.

However, low oil prices and the strong dollar still challenge US manufacturers and their ability to compete well globally.

More to come …

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