China and U.S. Manufacturing Soars As Europe Edges Closer To Recovery

Wall Street edged up today after Initial jobless claims fell again last week, hitting another five-year low, and positive manufacturing data from China the U.S. and Europe. Kenny Polcari from O'Neil Securities will weigh in on the upbeat manufacturing data, and what this means for the global economy for 2013. Data suggesting German growth picked up boosted hopes for a swifter euro zone recovery. Manufacturing in China and the United States grew this month at the fastest pace in about two years. HSBC said its "flash" index of purchasing managers' sentiment for China rose to 51.9 in January from December's final reading of 51.5, while U.S. manufacturing hit its highest since March 2011 at 56.1. The surveys released on Thursday indicate that the world economy may be gaining traction after a sluggish 2012. Data suggesting German growth picked up boosted hopes for a swifter euro zone recovery. Markit's "flash" Composite Eurozone Purchasing Managers' Index jumped more than expected to 48.2 from December's 47.2. The PMI data from Germany, which is Europe's largest economy, suggested its economy grew at its fastest pace in a year, while in France business activity slowed. But the surveys show that the pace of the contraction in the Eurozone is slowing, and that conditions may be improving for Europe.