Global Manufacturing Activity
Manufacturing data among numerous countries has recently been moving in the right direction. For the month of July, the JPMorgan Global Manufacturing Purchasing Manager’s Index (PMI) tayed above the three-month moving average for the second month in a row. Global output continues to expand, rising to 50.8 from 50.6 in June.
We believe that government policy is a precursor to change, and the change appeared to be significantly positive for the S&P 500. To me, this chart indicates that many investors who have been following the Fed’s quantitative easing trail have found a very profitable path in U.S. stocks.
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