We're in the range between 50 and 55 (in the ISM index) where the Fed often holds interest rates steady, and with Hurricane Katrina likely impacting the economy, particularly in the South, in September, we may see the Fed hold policy steady for a while until policy-makers can assess the full impact of the hurricane.

323

The rise in the employment component, combined with the drop in new jobless claims reported earlier today, suggests that employment conditions remain good at the start of the year.

209

The weakness was primarily in the residential area. That's consistent with the other data we've seen recently that suggest that the housing market is cooling off.

195

The jobless claims drop shows good strength in the labor market at the end of the year. It shows that the economy has recovered after the hurricanes and is heading into the new year with good momentum and good job prospects.

182

The decline in the prices paid component is good news. It looks as if we're seeing some moderation in pricing pressures, but not a significant drop.

176

The Philadelphia Fed business outlook index is still above zero in January, pointing to expansion, but the expansion is not quite as broad.

158

Manufacturing is expanding, but not as broadly as in November. There was weakness in new orders and employment.

144

It shows the world central banks recognize the financial markets could use a little extra liquidity and support, ... Hopefully it will help restore confidence. A lot of people expected we would see some sort of coordinated effort.

142

It suggests the drag on the economy from the trade deficit in the third quarter will not be as great and could help revise up third-quarter GDP a bit.

116