The PMI "flash" estimate for January rose, but the average of the Philadelphia Fed, Empire State, Richmond Fed, Kansas Fed and Dallas Fed surveys spiked down. Not sure why the one was up and the other down, because they usually move more or less together. But given the geographical skew of the regional Fed surveys, it was probably due to the weather. The PMI covers the whole country, but the regional Fed surveys are skewed towards the northeast. However, I haven't been following the US weather that closely, so I may be wrong.
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