Two reports out today suggest economic growth has been moderate in the US since the beginning of the year. Consumer spending rose more than expected in January, according to the Commerce Department, likely because of high demand for heating.
US manufacturing grew last month, although not as much as it had in the previous month. The US Manufacturing Purchasing Managers Index (PMI), compiled by Markit, fell to 53.7 in January from an 11-month high of 55.0 in December. Anything above 50 indicates expansion.