February ISM = 54.2

Very good ISM report for February of 54.2. We saw a nice increase last month to 53.1 so it’s good to see some confirmation. Since 1948, the ISM has printed between 53.0 and 55.0 a total of 104 times. Only twice have been during recessions.

The other news today is that personal income plunged 3.6% in January although spending rose by 0.2%. The income number was impacted by some calendar effects. A number of companies paid dividends and bonuses late last year which increased December’s number, so the January number was moving back to correct for that.

We also learned that the University of Michigan consumer sentiment index rose last month to 77.6 from 73.8 in the month before. Economists were expecting an increase to 76.3.

Posted by Eddy Elfenbein on March 1st, 2013 at 10:05 am

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