CHART OF THE DAY: Rose-Colored Glasses For ISM?
Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones.
Consider a key datapoints we've received this week:
- The October U.S. ISM Services PMI was an absolute blow out coming in at 66.7, which was a massive acceleration from September and an all-time high. Within this business activity and new orders were even higher at 69.8 and 69.7, respectively.
Am I guilty of viewing the world with rose-colored glasses? All I did was highlight the major U.S. economic data points over the last week which are: A) at high levels on an absolute basis and B) accelerating from Q3.
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