US drags global PMIs on a tear

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From Macquarie:

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 Global manufacturing PMIs began 2017 at their highest level since 2011, data released today shows. The strong readings suggest the global industrial recovery has further to run, underpinning a bullish view on metals demand in early 2017 and beyond, though rising protectionism is a threat.

 It is worth focusing on the US a little more closely. The manufacturing ISM stood at 56.0 in January, up 1.3 points MoM to a two-year high. This stands in stark contrast to a year ago, when the ISM was just 48.2 – indeed over the past 12 months the US has accounted for half the increase in the global manufacturing PMI we calculate.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.