Two surveys of the U.S. manufacturing industry both showed strong readings last month, with data provider IHS Markit's reading touching its highest level since late 2014.
Between the lines: The headline numbers were reassuring, as were the report's details.
- “The rise in investment spending sends a welcome signal that companies have become more optimistic about longer term prospects, something that was reinforced by a surge in firms’ expectations about production in the year ahead — even in consumer-facing sectors — to the highest since early-2015," Chris Williamson, chief business economist at IHS Markit, said in a press release.
The big picture: "If we look at the world's six largest economies they either have buoyant November manufacturing PMIs (US, China, Germany, India and the UK), or, in the case of a lagging Japan, are showing clear signs of improvement," says Deutsche Bank chief international strategist Alan Ruskin in a note to clients titled "Global PMI is in a 'big is beautiful' virtuous cycle."