UPDATE: U.S. manufacturing surprised with today's economic data beating estimates. Services also expanded more than expected.
ISM Non-Manufacturing PMI (Dec) printed at 55 vs 54.5 consensus estimate.
Factory Orders (MoM) (Nov) printed at -0.7 vs -0.8 estimate.
The U.S. trade deficit shrank more than expected in November even as Boeing orders plummeted as certification problems continued with the 737 Max aircraft.
USD Trade Balance (Nov) printed at -$43.1B vs -43.8B consensus estimate.
The significance of this trend cannot be underestimated. This is the lowest deficit since Trump was elected, and if it continues, which it will, the second term Trump trade numbers could be transformational for the American economy. This paradigm change will have a huge impact on the American gross domestic product going forward.
In short, you ain't seen nothing yet.
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