- The December ISM manufacturing index rose to 60.7, up from 57.5 in November. The new orders component was especially encouraging, rising to 67.9 in December, up from 65.1 in November.
- Further, the Commerce Department announced that factory orders rose 1% in November, the seventh straight monthly increase, further proof that there is a manufacturing recovery underway.
- The Atlanta Fed, though, lowered its fourth-quarter GDP estimate to an 8.6% annual pace, down from its previous estimate of 10.4%. Lackluster retail sales, COVID-19 restrictions, and a growing trade deficit were largely responsible for this downward revision.
For further details see:
Outside The Beltway Drama, The Economy Hums Along