American manufacturing expanded at a stronger pace than expected in January, close to the fastest pace since 2004.
The ISM Manufacturing Index was little changed in January at 59.1, above expectations of 58.6 and close to the December figure of 59.3, according to data from the Institute for Supply Management. Any reading above 50 indicates expansion.
This gauge of U.S. factory activity remains close to the 60.2 reading in September, which was the highest since June 2004. The average for 2017 was 57.4. – READ MORE
[give_form id=”79809″] [divider][/divider]Nonfarm payrolls grew by 200,000 in January and the unemployment rate was 4.1 percent, the Bureau of Labor Statistics reported in a closely watched report from Friday.
Economists surveyed by Reuters had been expecting jobs growth of 180,000 and an unemployment rate of 4.1 percent. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons edged higher to 8.2 percent, the highest level since September.
In addition to the solid payroll growth, average hourly earnings were up 0.3 percent for the month, matching estimates and reflecting an annualized gain of 2.9 percent.
The numbers come amid an expected acceleration in growth for the U.S. economy. The Atlanta Federal Reserve is expecting a GDP gain of 5.4 percent in the first quarter, which would be the best increase since the recovery began in mid-2009. – READ MORE
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