Source: Economics Group of Wells Fargo Bank, N.A.Summary Today’s ISM report is a pitch-perfect match for the mood music leading up to today’s Federal Reserve meeting. The ISM index fell for a fifth straight month; the past three below 50. Yet even as orders dry up and production contracts, some parts of manufacturing still thrive. For the FOMC, Some Food for Thought As policymakers at the Federal Reserve gather today to consider their policy announcement expected this afternoon, today’s ISM report offers an indication of how activity held up in January. In short: not particularly well. The overall ISM manufacturing index signaled contraction for a third straight month with new orders continuing to evaporate (chart). READ FULL ARTICLE>>
