US Services PMI highest in seven months, manufacturing returns to growth, in contrast to struggling Europe.
Completing the PMI data drop today, this afternoon we saw January’s US Manufacturing PMI unexpectedly bounce just back into expansion territory with a reading of 50.3 versus forecasts of 47.6. Services PMI continued its expansion for what is now just a little just under a year of monthly growth numbers, with a reading of 52.9, beating forecasts of 51.0. These are diffusion surveys based on purchasing managers expectations for the economy going forward and in stark contrast to Europe, everything looks very rosy in US Inc.
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