December ISM of 57 is up from 56.6 last month, but… it’s a little bit light of some expectations of 57.3, and it’s not unreasonable to have guessed that there was a “whisper” that was even higher. So, yes, this is fine and shows some growth, but nothing to write home about.
Background: Here it is, the first major US macroeconomic datapoint of 2011 in the form of the ISM. Analysts are looking for a reading of 57.3, vs 56.6 last month. Europe saw a host of very strong reports, while China’s PMI was a bit on the weak side.
US markets are rallying big time ahead of the report.