The Chinese government’s official PMI
data, released overnight, showed the country’s manufacturing sector
moving back into expansion mode. The reading came in at 50.2 for the
month of October, up from a September reading of 49.8. Any reading
above 50 is considered good. While the sentiment boosting data from the
world’s #2 economy helped the precious complex maintain yesterday’s
end-of-month rally, and even press a bit higher this morning, markets
are in wait-and-see mode ahead of tomorrow’s crucial
U.S. government jobs data. Other employment data, released earlier this
morning, showed planned job cuts jump 41% to 47,724 in October, the
private sector added 158K jobs and weekly initial jobless claims fell to
363,000 last week. The deluge of economic data
continues with reports on manufacturing, consumer confidence,
construction and auto sales throughout the day. Have a great day!
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