Today's U.S. sentiment measures diverged around high levels
Today's U.S. sentiment measures diverged around high levels, hence extending a solid stretch since the rebuilds began for last year's hurricanes and fires, alongside a likely 2018 lift from the tax law and a further boost from the later budget deal that hikes government spending. The Empire State headline fell to 13.1 from 17.7 in January and 19.6 in December with a potential sentiment hit from the Wall Street plunge, while the ISM-adjusted measure rose to 55.0 from 54.6 in January and 56.4 in December. The Philly Fed rose to 25.8 from 22.2 in January and 27.9 in December, while the ISM-adjusted Philly Fed fell to 56.3 from 57.3 in January. The ISM-adjusted average of the major producer sentiment surveys looks poised to sustain the January drop to 57 from a cycle-high 58 in December, 57 in November, and 58 in both September and October, versus 55-56 in every prior month since a 57 figure in March of 2017.