US MANUFACTURING INDEX HITS EIGHT-MONTH HIGH

The flash reading for Markit’s November U.S. purchasing manager’s index surged to 54.3 versus the consensus estimate of
52.3.
It’s also up 51.8 from October.

The reading is the highest since March. Output climbed to the highest reading since in nine months. But hiring slowed.

At right is the full reading with our highlights.

The three-month average, which gives an indication of the underlying trend, was at 52.9, “consistent with an ongoing modest improvement in manufacturing business conditions.”

The U.S. manufacturing sector “ground to a near standstill in October,” though any effect from the government shutdown was seen as temporary.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.