Thursday, December 5, 2013

More Good News (excerpt)

The US economy has performed surprisingly well despite the backup in yields and Washington’s latest fiscal fiasco. Let's review:

(1) Purchasing managers. The average of the M-PMI and NM-PMI was 55.6 during November, a solid reading indeed. The average of their orders indexes was 60.0, also well above 50.

(2) Employment indicators. ADP private payrolls rose 215,000 during November, the best reading this year. As Debbie reports below, October was revised up by 54,000 to 184,000.

(3) Exports and petroleum. Inflation-adjusted US exports rose 3.2% during October to a record high. Contributing to its strength in recent weeks has been a surge in US exports of petroleum products.

Today's Morning Briefing: Too Many Bulls? (1) Santa came early this year for stock investors. (2) Can December match October and November? (3) Nothing to fear but tapering because economy is strong? (4) Is yearend rally running into a crowd of too many bulls? (5) Bond market has already discounted tapering. (6) Solid indicators. (7) How do you say $20 oil in Farsi? (8) S&P vs. Thomson Reuters on earnings. (9) Focus on overweight-rated S&P 500 Transportation. (More for subscribers.)

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