None Of It Was Transitory After All

None Of It Was Transitory After All

It was an "in line" kind of day for US data. Shortly after ADP said private employers added 534,000 jobs last month, matching consensus estimates, a fresh read on manufacturing activity was similarly as-expected. The headline ISM gauge printed 61.1 for November. Consensus was looking for 61.2. Earlier, the final read on IHS Markit's factory gauge came in a bit weaker versus the flash reading for last month. At 58.3, the index sits at the lowest since December 2020 (figure below). Within ISM
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