From UBS:
* The manufacturing PMI bounced further in January to 51.6 - the highest level since June - from 50.2 in December, and recovering sharply from a very weak 42.3 in September (which was the lowest level since June-2009). The PMI is now in the 'expansion zone' and around the long-run average (of 51.3 since 1992).
* The key employment component rebounded to the 2nd highest level since mid-2010 (51.0 after 46.0), suggests a much stronger picture of the labour market than jobs growth (which is a similar story of a relationship breakdown as yesterday's NAB business survey).
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