What happened?The Institute for Supply Management (ISM) released bullish survey results suggesting the U.S. manufacturing sector is in for a good start to 2017. The Purchasing Managers' Index (PMI), based on a survey of purchasing managers, is widely regarded as the best indicator of manufacturing conditions.The PMI is an index created by survey data, whereby a reading above 50 indicates economic expansion. For example, the ISM believes the 53.2 reading reported in November "corresponds to a 3.2 percent increase in real GDP annually."
As you can see below, it's been in positive territory for the last three months:
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