The 4.7 point jump in the ISM manufacturing index is consistent with our call for a modest broadening in capital expenditures and manufacturing activity, though some year-end replenishing amid trade uncertainty could be exaggerating momentum. Prices at 59.0 is not terribly encouraging for the efforts to get inflation in check. The ISM manufacturing index crossed back over into expansion territory after 10 straight months in the purgatory of contraction last year. Today's 52.6 reading for January signals a welcome bit of relief for manufacturing even if some year-end quirks are giving only a temporary boost to the ... (full story)