In more positive news for the US economy, the most recent ISM Manufacturing PMI surged higher

In more positive news for the US economy, the most recent ISM Manufacturing PMI surged higher. The heavily watched ISM number came in at 59 for October, well above expectation of 56.1, and quite a clip higher than September's 56.6. 16 of the 18 manufacturing industries reported growth. The most meaningful contributions to the index came from New Orders and Prices. New Orders climbed 5.8% from the prior month and is probably the most forward looking component of the index. Meanwhile, prices paid dropped 6% from last month, and suggests inflation continues to be nonexistent. We'll get the ISM Services Index later in the week. (VIEW LINK)