The ISM Manufacturing Index unexpectedly increased from 55.9 in December to 58.4 in January, well above the 55.5 that economists had forecast. New orders increased from 64.8 in December to 65.9 in January, production rose from 59.7 to 66.2, and the employment component improved from 50.2 to 53.3.
Personal income was 0.4% higher in December, above the estimate of 0.3%, and November was revised from a 0.4% gain to a 0.5% rise. Personal spending increased 0.2% in December, versus the 0.3% expected.
The PCE Price Index, which is released with the income and spending data, increased 2.1% year-over-year in December, compared to the consensus forecast of 2.2%. The core PCE Price Index, which excludes food and energy, was 0.1% higher, inline with expectations.
Construction spending fell 1.2% in December, a larger decline than the 0.5% drop that was expected, and November’s initially reported 0.6% decline was downwardly revised to a drop of 1.2%. More from Bloomberg...
The Dow Jones Industrial Average rose 118 points (1.2%) to close at 10,186, the S&P 500 Index gained 18 points (1.4%) to 1,089, and the Nasdaq Composite advanced 24 points (1.1%) to 2,171. Crude oil was $1.41 higher at $74.43 per barrel, and the Bloomberg gold spot price surged $25.85 to $1,106.70 per ounce.
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