Here's the link to the report:
Some of the highlights, the ISM PMI (purchase managers index) increased from 54.9 to 58.4, (again, value over 50 suggests expansion, under 50 suggests contraction), showing accelerating strength in the manufacturing sector. I've talked about this a number of times and hate to beat a dead horse but... we'll see if this translates into any jobs. Given current hiring expectations going forward and increases in labor productivity, my guess is probably not. At some point this rise in manufacturing is going to slow considerably. In my opinion, the increasing strength in the sector looks to be the result of an inventory bounce, and not much more. I certainly hope I'm wrong.
The ISM exports number was flat at 46 from December and the imports index shrank substantially to 47. I'm not entirely sure why, perhaps because of higher import prices in recent months and stagnant demand. Inventories contracted as well, consistent with the Q4 GDP report.
In my opinion, none of these numbers mean much until we start seeing positive changes on the jobs front, and I'm not sure that's going to happen. We'll find out later in the week.
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