More Data Dissected

February 3rd, 2017 11:26 am | by John Jansen |

Via Stephen Stanley at Amherst Pierpont Securities:

The ISM non-manufacturing survey data were broadly steady in January.  The headline measure was essentially unchanged at 56.5.  The new orders and production components were down 2 points and half a point respectively.  In contrast, the employment gauge increased by 2 points.  After a somewhat softer year, on average, in 2016, the November, December, and January figures have been more in line with the 2015 averages.  Meanwhile, the prices gauge jumped by 3 points to 59.0, the highest reading since 2014.

Factory orders were firmer than expected in December, posting a 1.3% rise, as the petroleum industry posted a 14.0% spike.  In terms of the tracking estimate for Q4 GDP, the factory inventory figures imply a 0.1 percentage point upward revision to +2.0% (and an offsetting downward revision to Q1).

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