Weekly Economic Summary
February 2 - February 6, 2026
Last week’s data shows a split in the economy. Manufacturing picked up steam and beat expectations across the board. The industrial economy is moving. However, the labor market is a different story. Hiring slowed, and job openings fell. When manufacturing gets stronger but jobs disappear, it tells you businesses are cautious about headcount even if the assembly lines are still moving.
Manufacturing & Industrial Activity
Manufacturing was strong last week, exceeding expectations and showing growth compared to the month before.- ISM Manufacturing PMI: This hit 52.6, passing the 48.5 forecast and the 47.9 recorded previously.
- Manufacturing PMI: Reached 52.4, exceeding the 51.9 estimate and the previous 51.9.
- ISM Manufacturing Prices: Measured at 59.0, slightly under the 59.3 forecast but higher than the 58.5 from the prior month.
Labor Market & Employment
The jobs data was weak last week, with hiring below expectations and a drop in total job openings.- JOLTS Job Openings: Reported at 6.542M, missing the 7.200M forecast and dropping from the 6.928M previous.
- ADP Nonfarm Employment Change: Logged 22K new jobs, less than half of the 46K expected and lower than the 37K previous.
- Initial Jobless Claims: These climbed to 231K, higher than the 212K forecast and the 209K from the week before.
Services & Energy
Services are expanding while costs rise, and oil supplies dropped further than expected last week.- ISM Non-Manufacturing Prices: Rose to 66.6, higher than the 65.0 forecast and the 65.1 previous.
- ISM Non-Manufacturing PMI: At 53.8, higher than the 53.5 forecast and matching the 53.8 from last month.
- Services PMI: Reported at 52.7, ahead of the 52.5 forecast and the 52.5 previous.
- Crude Oil Inventories: Fell by 3.455M, a larger drop than the 2.000M forecast or the 2.295M previous.