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   Brian Wesbury
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  The ISM non-manufacturing index declined to 55.2 in January
Posted Under: Data Watch • ISM Non-Manufacturing

 
Implications:  A very solid, plow horse-like, report on the service sector today as the ISM non-manufacturing index showed expansion for the 37th consecutive month, slightly beating consensus expectations, coming in at 55.2. Although the new orders sub-index and the business activity sub-index – which has a stronger correlation with economic growth than the overall index – declined in January, they still remain at healthy levels. The biggest surprise from today’s report was that the employment sub-index surged again in January coming in at 57.5, the best reading since February 2006.  This is a good sign for the economy moving forward.  On the inflation front, the prices paid index rose to 58.0 and remains elevated.  Given the loose stance of monetary policy, inflation should continue to move higher over the coming years.  Today’s report, along with other data we have received this week, show the economy is doing just fine and will continue to plow ahead through 2013.  

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Posted on Tuesday, February 05, 2013 @ 11:10 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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