Who knew? Reuters reports that manufacturing growth accelerated in January to its highest level in seven months, though a measure of employment faded and private-sector employers added fewer jobs than expected, data showed on Wednesday.
U.S. economic growth is widely expected to slow in early 2012 from the 2.8 percent pace in the final quarter of 2011. The Institute for Supply Management (ISM) said its index of national factory activity rose to 54.1, from a revised 53.1 the month before, and was the highest level since June 2011. It fell just short of expectations for 54.5.
The private sector added 170,000 jobs last month, the ADP National Employment Report showed, shy of economists' expectations for a gain of 185,000 jobs. It was the smallest gain in three months, though it was still in line with economists' forecasts for private job gains in the more comprehensive U.S. government labor market report on Friday.
Prospects for a third round of quantitative easing from the Federal Reserve remain good as long as unemployment stays above 8 percent, Michael Woolfolk, a senior currency strategist at BNY Mellon, wrote in a note….
Read all about it at http://www.reuters.com/article/2012/02/01/us-usa-economy-idUSTRE7BM0AB20120201
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