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Midwest business gets Jan. frost
The Nat'l Assoc. of Purchasing Managers-Chicago survey lost 2.3 points to 58.5 in Jan. vs. Dec. All 7 components, including prices paid and employment, fell. Order backlog slipped below the boom-bust cutoff of 50. The reading, while still indicating expansion, missed estimates. Auto likely dragged down results.
** The Chicago PMI report comes a day before ISM's national manufacturing report comes out.
Confidence hits 3 1/2-year high
The Consumer Confidence Index rose 2.5 points in Jan. to 106.3, the highest since June 2002. Growing optimism about jobs outweighed rising gasoline prices. Surveyed Americans saying jobs were "plentiful" rose to 26.9% vs. 23.3%. The survey's current conditions index shot up 7.7 points to 128.4, the highest since Aug. '01. But expectations fell 1.1 points to 91.5.
Treasury preps busy sale week
The Treasury Dept. will announce the size of next week's 3-, 10- and 30-year bond sales Wed. morning, 2 days after the agency raised its quarterly refunding to $188 bil. Appetite for Treasury sales will be closely ...