Global Macro Perspectives
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U.S. construction spending rose 0.4% November vs. 0.1% consensus and 0.7% rise in October. On year level we are at -6.0%.
Improvement, but construction spending overall stil quite weak.
ISM Manufacturing Index was reported at 57.0 vs. prior reading of 56.6 and consensus of 57.0.
Unchanged level of the ISM Manufacturing Index suggest industrial production in the U.S. will grow at current level of 5.5% y-o-y.
China Federation of Logistics & Purchasing and National Bureau of Statistics PMI (“official PMI”) fell from 55.2 to 53.9.
PMI’s for December suggest industrial production growth in December will remain stable.
U.S. railroads originated 256,089 carloads, up 29.3% compared with the same week in 2009 and down 13.4% compared with 5-year average. Week over week change was -5.7%.
Looks like railroad traffic is weakening more than warranted by seasonal effects.