Monday, February 1, 2010

Quick Notes for the Day - February 1

ISM Rises in January - The Institute for Supply Management (ISM) reported the ISM factory index rose to 58.4% in January versus 54.9% in December. Ecomists had expected a rise, but the increase to 58.4% was much greater than expected 56.0%. Any reading above 50 indicates an expansion.

Consumer Spending Rises in December - The Commerce Department estimated that real consumer spending (adjusted for inflation) rose a seasonally adjusted 0.1% in December following a 0.4% gain in November. This was the slowest rise since September and in conjunction, the savings rate moved to 4.8% which is its highest level since June. Real after-tax incomes rose a seasonally adjusted 0.3% in December, boosted by transfer payments, small-business profits, income from investments, and a small gain in wages.

Obama Sends $3.8 Trillion Budget to Congress - Jobs, spending cuts and war top 2011 Obama budget - Reuters - "President Barack Obama on Monday sent a $3.8 trillion budget request to Congress that would narrow the federal deficit by curbing 120 federal programs but set aside $100 billion to tackle unemployment."

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