This survey remains consistent with a booming manufacturing sector.
Fourth quarter probably marked the trough although we could see an equally weak number in the first quarter.
The Fed has got a difficult balancing act in the months ahead. The Fed is increasingly concerned indicators of a cooling housing market imply future downside risk to growth.
The widespread notion of only a few months ago that the U.S. would be taking genuine steps down the path of fiscal consolidation in 2005 now looks hugely optimistic.
Those arguing that the Fed will soon take a time-out from gradually normalizing the level of the fed funds rate will have found little encouragement in these minutes.
