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Data: Institute for Supply Management, IHS Markit; Chart: Axios Visuals

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."

Go deeper

Dion Rabouin, author of Markets
Dec 23, 2020 - Economy & Business

Vaccines and strong economy could mean inflation in 2021

Expand chart
Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

With nearly $3 trillion in lending from the Fed this year, and Congress approving $900 billion in debt-financed spending on top of the $3.1 trillion budget deficit in fiscal year 2020, inflation hawks are sounding the alarm.

Why it matters: “Inflation staying low and well-behaved is the foundation on which everything in markets is currently priced,” Karen Ward, chief market strategist for Europe at JPMorgan Asset Management, told FT.

13 mins ago - World

Netanyahu doesn't want a fight with Biden over Iran — yet

Photo illustration: Aïda Amer/Axios. Photos: Eric Baradat (AFP), Gali Tibbon (AFP)/Getty Images

Israeli Prime Minister Benjamin Netanyahu, hoping to avoid an immediate clash with President Biden over Iran, will give dialogue a chance, Israeli officials say.

Why it matters: Biden intends to try to resume the 2015 nuclear deal, which Netanyahu vehemently opposes. The two are on a collision course, and memories are fresh of the crisis in U.S.-Israel relations when Netanyahu was publicly campaigning against Barack Obama's attempts to reach a deal — including in a speech to Congress.