PMI's Indicate That GDP Remains On New Normal Track

The ISM Non-Manufacturing Survey came in at 54 for January, just above consensus of 53.9 and slightly higher than in December (53). On Monday, the ISM Manufacturing survey disappointed as it came in at 51.3 vs expectations of 56. We like to look at a approximately GDP-weighted combined series. This series is indicating the the US economy remains on the "muddle through" growth track that the economy has been on over the past 4 years.