• Prior 53.5
  • Employment 51.4 vs 54.0 exp. Prior 54.1
  • Prices paid 35.0 vs 37.0 exp. Prior 35.0
  • New orders 52.5 vs 52.9 prior
  • New export orders 48.5 vs 49.5 prior
  • Imports 54.0 vs 55.5 prior

A smidge under expectations but it's another sizeable drop from Jan.

Employment edges closer to the magic 50 mark and contraction. New orders down and exports continuing into contraction is not looking good. We'll see how the ISM commentators spin this one. 2/1 on says weather gets a mention ;-)

USD/JPY holding up pretty well considering and popped to 119.89