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.