Some of the more important manufacturing indexes were released this week, and offered mixed results—on par with recent consensus expectations as we get close to closing out the year.

The ISM Manufacturing Index for November was weaker than anticipated in November, declining to 49.5 versus an expected 51.4 figure.  Details and rationale for these types of surveys are sometimes difficult to quantify, but it appears the hurricane played a negative role in results, as did uncertainty about the upcoming fiscal cliff.  Upcoming new orders declined, as did employment; however, the production and inventory components improved.  This is not a major disappointment, but is a little soft for a variety of well-discussed reasons. Read more