U.S. Manufacturing and Housing Start the New Year on High Notes
- The IHS Markit Flash U.S. Manufacturing PMI grew at the fastest pace on record in January, making the sector a continued bright spot in the U.S. economy. New orders, exports and output expanded at the best rates since mid-2014, with employment rising at paces not seen since January 2019. Respondents remained extremely upbeat in their outlook for the coming months, even as input costs rose at the strongest rate since May 2018.
- The Philadelphia Federal Reserve Bank reported that activity expanded in January at the strongest pace since the pandemic began, which was encouraging. More than 62% of business leaders in the district expect new orders and shipments to rise over the next six months.
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