Economic Notes for the Week of February 11th

It was a relatively light week from an economic standpoint.


(+) Non-manufacturing ISM for January was right at par with consensus, at a reading of 55.2 versus an expected 55.0.  The look-ahead components of new orders and current business activity were weaker than in December, but remained in growth mode.  The employment piece rose a bit as well.  Additionally, anecdotal comments from the survey were generally positive, which was a welcome change considering overall business sentiment at year-end.


(-) Factory orders for December were a bit weaker than expected, up +1.8% versus a forecast +2.3%.  Core capital goods were revised down slightly and inventory buildup was weaker than in prior months.

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