Better than expected and up from 51.5 in August.
It ain’t enough to dissuade the Fed from QE, so chalk it up as nice to know but not likely to change the Fed’s view that the economy is not growing fast enough to create enough jobs to meaningfully lower the unemployment rate.
It’s perfect for the stock market as it shows that the economy is not falling off a cliff and we’re gonna get even lore liquidity…happy days! S&P is at 1151, up 14 points.