ISM Manufacturing PMI
The most recent ISM Manufacturing Index increased 2.3% from December 2018, indicating expanding business strength fostered by stronger demand and output. The monthly survey of individual businesses also pointed to easing business conditions and a contraction in prices paid.
Inflation remains within the Federal Reserve’s target range. For the 12 months ended 1/31/2019, the Consumer Price Index was up 1.6%. The overall inflation rate has been reduced by the recent decline in the price of crude oil and the strong dollar; however, there is concern that increased tariffs could push up prices of metals, autos, and other imports.
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