So this is good… 56.9 beats the 54 estimate, and it’s up from 54.4 last month.
Stocks are up nicely in the early going.
Background: The busy week officially begins with this report, which is our first really good look into Q4 economic activity.
Analysts are looking for a 54 reading, which is down from 54.4 last month, but obviously still growth.
On Friday we got the first read on Q3 GDP. The number was alright, but given the fairly weak end-demand growth and high inventory build, it lead a lot of folks to conclude that Q4 would probably be bad.
It will be numbers like this one, along with the various regional Fed surveys and unemployment (on Friday) that will give us a good sense of what’s going on this quarter.