In economics, as in broader statistical analysis, researchers caution against reading too much into any one data point. The reasons are obvious enough: anomalies occur, preliminary statistics are often revised and trends take months, if not quarters, to form.
With the above as a backdrop, January's Institute for Supply Management index was a mild positive, nudging higher to 35.6 from 32.9 in December.
An ISM reading below 50 indicates a contraction; above 50, an expansion. The ISM had fallen for the past year, and has been below the 50 demarcation level since February 2008. Economists surveyed by Bloomberg News had expected the index to drop to 32.6 in January.
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