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US Manufacturing PMI Surges To Highest Since May 2010

Tyler Durden's picture




 

Comfortably beating expectations, and in Markit's words, USA is "booming again... as data suggests that GDP should be set to rise by at least 3.0% after the 1.0% decline in the first quarter," US Manufacturing PMI printed 57.5, its highest since May 2010. Despite the "booming" economy, employment rose only very marginally and new export orders growth dropped as prices rose once again.

 

 

 

Does it get any better than this? Markit is exuberant...

US industry is booming again, with the flash manufacturing PMI hitting its highest for just over four yearsin June. The strong reading also rounds off the best quarter for factories for four years, adding to indications that the US economy rebounded strongly in the second quarter from the weather-related weakness seen at the start of the year.

 

The survey data suggest that GDP should be set to rise by at least 3.0% after the 1.0% decline in the first quarter

 

Manufacturing output growth picked up for the third month running to its strongest since April 2010. Moreover, the average pace of expansion in Q2 was the steepest for any quarter since the survey began in early-2007.

The Fed's "you don't need QE anymore, the economy is doing great on its own" meme is confirmed. The market seems disappointed at the 'good news' and did not react at all.

But it's not all shits and giggles:

If there’s a weak spot it’s the near-stagnation of
exports,
which raises the possibility that trade will
have acted as a drag on the economy in the second
quarter."

 

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Mon, 06/23/2014 - 09:57 | 4885309 CH1
CH1's picture

We're saved!

Ummm...

Mon, 06/23/2014 - 10:14 | 4885338 sunaJ
sunaJ's picture

Oh, yes, the markit is going to rise as stawks are pumped, bawnds are bid, and moar p/e ratio demonstrates the record-breaking val-u for the average investing member of the flock.  And if you believe that, I have a package of frozen chicken "wyngs" from Tyson to sell you.

 

 

 

Mon, 06/23/2014 - 10:18 | 4885377 Headbanger
Headbanger's picture

Looks like a double top to me on that chart.

And I suspect this bullshit number was mandated as an excuse for the Fed to start raising rates to help save the U.S. dollar from imploding as it's losing its global currency status fast!

Cause remember,  the U.S. military might can't be paid for with worthless paper.

And the resulting inflation spike will make 10% motgage rates look tiny!

Mon, 06/23/2014 - 11:06 | 4885579 asteroids
asteroids's picture

You believe this shit? For years the Japanse came out with made up numbers and look at the mess they are in. There is no penalty for lying.

Mon, 06/23/2014 - 11:07 | 4885581 Chupacabra-322
Chupacabra-322's picture

Two articles posted here tells me this is another manufactured estimate & flat bold out lie.

1. http://www.zerohedge.com/news/2014-01-12/great-buyback-surge-over-corpor...

2. http://www.zerohedge.com/news/2014-06-15/cluster-central-banks-have-secr...

N'fuff said.

Mon, 06/23/2014 - 10:03 | 4885340 CrashisOptimistic
CrashisOptimistic's picture

Blomberg's economic calendar rates this to be an unimportant report.

Mon, 06/23/2014 - 09:57 | 4885313 Cattender
Cattender's picture

Fuck Yeah!!!!! i knew i Felt a Recovery!!!!! Time to go buy a HUGE SUV!!!!! LOL..

Mon, 06/23/2014 - 10:08 | 4885358 tarsubil
tarsubil's picture

What fucking planet are these people on?!

Mon, 06/23/2014 - 09:59 | 4885315 Badabing
Badabing's picture

We're Manufacturiong paper now.

Mon, 06/23/2014 - 09:59 | 4885328 Dr. Engali
Dr. Engali's picture

Yeah, in the form of FRNs

Mon, 06/23/2014 - 09:58 | 4885323 Dr. Engali
Dr. Engali's picture

Did everybody get a chance to buy that dip?

Mon, 06/23/2014 - 10:04 | 4885345 Market Rage
Market Rage's picture

They're churning it now but I think this f*cker is about to roll over.

Mon, 06/23/2014 - 10:13 | 4885367 Dr. Engali
Dr. Engali's picture

Hah, I wish I had a ham sandwich for every time I heard that over the past five years. Maybe for a short dip, but nothing of any significance.   

Mon, 06/23/2014 - 10:17 | 4885393 Market Rage
Market Rage's picture

I just wish I had a ham sandwich period.  Seriously though, it looks like the micromanagement of index futures is getting more difficult.  They're trying to lead with small caps?  Everytime NQ trys to move up it's getting bitch-slapped.  It's going to take some time though.

Mon, 06/23/2014 - 10:08 | 4885342 orangegeek
orangegeek's picture

"... The survey data suggest that GDP should be set to rise by at least 3.0% after the 1.0% decline in the first quarter ..."

 

-2.0% according to JPM.

 

Weeeeeeeeeee!!!!!!! So much fun.   Weeeeeeeeeee!!!!!!

 

Reality is euphoria often at market tops.

Mon, 06/23/2014 - 10:03 | 4885347 _ConanTheLibert...
_ConanTheLibertarian_'s picture

So did channel stuffing I presume.

Mon, 06/23/2014 - 10:06 | 4885352 Australian Economist
Australian Economist's picture

(seasonally adjusted)

Mon, 06/23/2014 - 10:10 | 4885368 Sudden Debt
Sudden Debt's picture

well, GDP does go up when inflation picks up.

 

Mon, 06/23/2014 - 10:12 | 4885376 LawsofPhysics
LawsofPhysics's picture

"U.S. manufacturing" - what is this, oxymoron day? 

Mon, 06/23/2014 - 11:07 | 4885582 ydderf1950
ydderf1950's picture

manufacturing what

Mon, 06/23/2014 - 10:15 | 4885383 Sean7k
Sean7k's picture

I do feel something "big", but it is not very pleasant and I could do without it.

Does anyone believe these steaming piles of statistical crap anymore? The market didn't. When did "surveys" become reliable indicators of anything? The government lies, their proxies lie, might as well print at 95.

 

Mon, 06/23/2014 - 10:18 | 4885395 adr
adr's picture

Seasonally adjusted. So pure bullshit.

Mon, 06/23/2014 - 10:22 | 4885412 Colonel Klink
Colonel Klink's picture

"US Manufacturing PMI printed 57.5, its highest since May 2010"

Yep it's all about PRINTING.  Fiat information.

Mon, 06/23/2014 - 10:24 | 4885420 More_sellers_th...
More_sellers_than_buyers's picture

Enough of this fake numbers shit! can these fuckers just get out of the way and let this turd of an economey flush and go down the shitter? At least then we can start to rebuild and look up.  As it is now its a neverending shit show with no upside

Mon, 06/23/2014 - 10:33 | 4885458 madcows
madcows's picture

I don't know that things are Booming.  In just the last two weeks, two houses on our street were foreclosed.  The bank is fixing up one of them, the other one is boarded up.

Mon, 06/23/2014 - 10:56 | 4885532 29.5 hours
29.5 hours's picture

 

 

"US industry is booming again"

Thank heavens. Now all those negative posters on ZH can just be quiet and go home. The nation thanks them for their vigilance, but naysayers should respect the new situation and not continue to belabor any points.

 

 

Mon, 06/23/2014 - 11:04 | 4885556 29.5 hours
29.5 hours's picture

 

 

Ok, I apologize for a certain amount of irony in the above post. However, I was a blue collar factory worker for 25 years and I keep in contact with old buddies. Neither they nor I are seeing new factories being built. Neither are we seeing new technology brought into current factories to lift productivity.

All we are seeing is old factory workers working harder and harder for their old paychecks and current hires screwed with a two-tier wage system that condemns them to a life of second-class existence.

 

 

 

Mon, 06/23/2014 - 11:18 | 4885615 Chupacabra-322
Chupacabra-322's picture

Spot on. The Centralization & Consolidation of the "Free Markets" has taken place. The "Economies of Scale" have truly turned Fasciast.

The Global Criminal Cabal Bankster Inelligence Religious Crime Syndicate is close to completion. (NWO).

I've added Religious to the description as of late. Especially after the Jesuit trained Pope comments yesterday.

Mon, 06/23/2014 - 10:58 | 4885548 q99x2
q99x2's picture

People don't need to be working at a time like this.

Mon, 06/23/2014 - 11:39 | 4885686 intric8
intric8's picture

Hell, i'm all in on this wonderful buy signal. The market relentlessly marches up on no news, lame news and even bad news. Now we have positive developments on multiple economic fronts. Surely the indices will rocket favorably on todays 3% gdp speculation and housing data, no? no?

Oops i forgot, we're experiencing the new normal where up is down, bad is good, down is good and up is bad.

Mon, 06/23/2014 - 11:40 | 4885693 firstdivision
firstdivision's picture

Where's the non-seasonally adjusted number?  Oh that's right, they're not allowed to print the truth.

Mon, 06/23/2014 - 12:08 | 4885812 nakki
nakki's picture

Its a survey, is seasonally adjusted, will be revised. Manufacturing represents 9% of another number that has been changed so many times in the past (GDP) as to make it almost as unreliable as a survey. At this point it seems our best product, the thing we (gov, msm, paper pushers in general) manufacture the most is spin. Until this changes its all just noise and propaganda.

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