ISM Manufacturing Surges With New Orders At 10-Year High; Construction Spending Jumps Most In Over 2 Years

ISM Manufacturing has risen almost without hesitation for the seven months from the January collapse to new 3-year highs, printing at a dramatic 59.0, its biggest beat in over a year, just shy of the recovery cycle’s highs in 2011. New orders grew for the 15th month in a row to the highest reading since 2004! Earlier, Markit’s US PMI missed expectations and fell modestly from preliminary data to 57.9, but moved to its highest since April 2010. Construction spending also surged, rising 1.8% (smashing expectations) – its biggest MoM gain since May 2012.

This post was published at Zero Hedge on 09/02/2014.