Overall, durable orders need to be looked at on a trend basis, and even after the drop in orders other than transportation orders ... the capital good sector remains very healthy and will contribute solidly to growth throughout 2006.
Overall the 56.7 reading for the ISM index is consistent with (economic) growth in the first quarter running above 5.0 percent.
We're going to get some extra employment growth as people displaced by the hurricanes find their way back into the job market, and that's likely to continue in the first few months of this year.
It's nothing short of incredible. It's not enough to send me scurrying to raise my forecast for next year, but it's pointing toward considerable momentum going into the new year. It gives me more confidence we're going to be able to maintain strong growth in the first half.
It's as good as it gets. You've got low inflation, minimal wage pressure, great productivity, booming growth and strong demand.