- Prior 54.8
- Output 54.7 vs 55.6 prior
- Employment 52.8 vs 55.1 in Nov
Lowest headline since Jan and we were warned by the Empire state data yesterday.
Weaker employment is something we need to keep an eye on as the job gains are not going to last forever. There could be some seasonals at play in the numbers as companies wind down stocks and orders into the holidays but this indicator has been on the slide for the last few months now.
USD/JPY cares not as it looks to test resistance at 116.50/60
US Markit manufacturing PMI flash 16 12 2014