The Ivey PMI came in better than expected at 56.6, indicating purchasing activity expanded at the highest rate since September…

… on the back of inventory stockpiling, with balances rising more than any other time in recent years and supplier deliveries slowing - hinting at tighter supply chains…

… which could signal a future production ramp, flowing through to GDP. It could take a minute though, with the employment index down for the second straight month…

… which should show up in manufacturing employment in the next jobs print.