KC Fed: Services Index Better but Manufacturing Index Worse

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The Federal Reserve Bank of Kansas City’s 10th District services index inched up in January. The m/m composite index rose to 2 in January from 1 in December and -6 in November. Most of the sub-index components improved m/m, but the employment measures remained in negative territory. The same was true for the 6-month forward expectations indexes. The composite expectations index increased to 14 in January from 11 in December, while the employment expectations measures were all negative. 


The 10th District manufacturing index was flat with the January m/m composite index at 0 compared to the same reading in December and 7 in November. The employment indexes were slightly higher m/m with the employee count moving to 0 in January from -4 in December, and the average workweek index increasing to 4 from 3. The 6-month forward expectation measures were softer however, with the composite expectations index falling to 7 in January from 10 in December. The employment and capex expectations indexes also moved lower in January.


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