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This week’s data offered a mix of momentum and moderation. Manufacturing activity improved, but labor indicators softened, and price pressures — especially in services — remained elevated.

Economic data released last week suggested mixed growth, with strengthening activity signals contrasting sharply with weaker consumer confidence, persistent producer level inflation, and a Fed meeting that underscored a steady policy stance amid ongoing economic uncertainty.

Economic data released this week continued to show a U.S. economy growing at a steady, though gradually moderating, pace.

Markets spent the week sifting through economic data still distorted by the lingering effects of last year’s federal shutdown.

Economic indicators over the recent period delivered a mixed but informative set of signals. The ISM Manufacturing Purchasing Managers’ Index (PMI) came in slightly worse than expected at 47.9% versus 48.3% expected, marking the tenth straight month of contraction and the lowest reading of 2025.