US economy in new upswing

As I've discussed before, to reduce random noise in the data, you can extreme adjust them, which removes sharp random deviations from the trend, and you can combine two or more indicators into one.  I have done these two things in the charts below. 

In the first chart, the line to watch is the green one, which represents the average of the ISM and PMI surveys for the manufacturing sector.

The chart below shows the whole economy (manufacturing plus services), each series individually extreme-adjusted, with the average of the whole-economy ISM and PMI surveys.  This time, it's the pink line you must focus on.

And if November's payrolls were anything to go by, we're not going to see any further rate cuts from the Fed.