Manufacturing PMI beats forecasts as new orders strengthen
SPY•The ISM manufacturing PMI beat forecasts on stronger-than-expected new orders, while services PMI, capital goods orders excluding aircraft and third-quarter productivity also exceeded expectations.
1. Economic indicators
The ISM manufacturing PMI beat forecasts as new orders strengthened, and the services PMI also exceeded expectations. Capital goods orders excluding aircraft topped forecasts, while third-quarter nonfarm productivity surged and unit labor costs fell. The unemployment rate fell to 4.1%, and jobless claims were below forecasts.
