Initial forecasts projected only a marginal improvement to 51.5 index points in November from the recorded 51.3 points the month before.
However, manufacturing activity in the US has surpassed those early projections by rising to 52.2 index points.
US Flash Manufacturing PMI. Image source: TradingEconomics.com
This is the fourth consecutive month of registered improvement in Manufacturing in the US, which signifies the resilience of the economy to external pressures, chiefly from the ongoing trade war.
In the economic report, it was stated that:
“US private sector output increased at a faster pace in November, with the rate of expansion quickening to a four-month high. Growth was supported by stronger increases in activity across both the manufacturing and service sectors”
These developments would undoubtedly support the expectations for economic growth into the fourth fiscal quarter, which would, in turn, boost the strength of the US stock market and the Dollar as well.
Meanwhile, the Dow Jones Industrial Average continues to consolidate in a tight range just above the 23.6 per cent Fibonacci Retracement Level at 27596.
The longer-term outlook on the index is still prevailingly bullish, with the price evidently continuing to establish the third impulse wave in a classic bullish Elliot pattern.
DJI 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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