An improvement in US and European manufacturing activity as well as news that the “official” Chinese PMI number climbed back into expansion territory for the first time in 8 months bodes well for a more sustainable global recovery effort.
Economic prospects have improved over the last two weeks, as crude oil prices have shown signs of declining further, the Fed have minimally downplayed the prospect of a near-term rate hike, and perhaps most importantly, the ECB did “something” to help facilitate growth in the euro zone.
A much better than forecast look at October US jobs data has strengthened the chances for a December Federal Reserve interest rate hike.
The uneven pattern of US scheduled economic data continues, with a jump in initial jobless claims seen on the same day as ongoing jobless claims fell to their lowest level since November of 2000.
One almost can’t tell if the world economy is getting better or worse.