March 09, 2018

The PMI Services Index and the ISM Non-Manufacturing Index came in at nice expansionary rates of 55.9 and 59.5, respectively. Non-farm productivity came in at 0.0% for the fourth quarter of 2017, while unit labor costs were +2.5% on an annualized basis. The ADP Employment Report had February payrolls flat with January. Change in Nonfarm Payrolls came in a much higher than expected with 313,000 jobs created in February versus the 205,000 estimate according to Bloomberg. The unemployment rate was unchanged at 4.1%.
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February 23, 2018

The PMI Composite Flash Index for February appears nicely expansionary, at 55.9 versus 54.0 consensus. There were no real surprises from the FOMC's January meeting minutes, with exception to the fact that committee members were more positive about the U.S. economic outlook than before. The Index of Leading Indicators would agree, having been up 1.0% in January versus +0.6% consensus.
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