Monday, January 04, 2010
A good start
Posted by David Smith at 10:30 AM
Category: Thoughts and responses

The first data readings for 2010 (though they apply to the final months of 2009) are pretty good, suggesting the economy has some reasonable growth momentum. The purchasing managers' index for manufacturing jumped to 54.1 in Decmber from 51.8 in November and easily exceeded consensus expectations. Output, new orders and employment all improved, strongly suggesting that manufacturing will have made a contribution to growth in the final quarter of 2009.

Meanwhile, Bank of England figures showed mortgage approvals for house purchase up to 60,518 in November, from 57,718 in October. This was the highest since March 2008. Overall mortgage lending rose by 1.5 billion. More here.