ISM

Well, amid the recent degradation of other consumer-driven economic indicators, getting the deflationists all pepped up, we have what I suspected (and noted), which is a relatively strong manufacturing enviro.  While overall jobs have not improved, the manufacturing ISM is a notable exception.  We don't want to read too much into one report, but look it over and let it sink in.  It continues a trend (with some ebb and flow).

There is recovery in this most important of measures, even as the paper economy continues to struggle. 
It is probably a simple inventory thing, but as I have noted in NFTRH and I think on the blog, things are generally brisk for those who survived 2008.

MANUFACTURING AT A GLANCE FEBRUARY 2010
Index	Series Index February	Series Index January	Percentage Point Change	Direction	Rate of Change	Trend* (Months)
PMI	56.5	58.4	-1.9	Growing	Slower	7
New Orders	59.5	65.9	-6.4	Growing	Slower	8
Production	58.4	66.2	-7.8	Growing	Slower	9
Employment	56.1	53.3	+2.8	Growing	Faster	3
Supplier Deliveries	61.1	60.1	+1.0	Slowing	Faster	9
Inventories	47.3	46.5	+0.8	Contracting	Slower	46
Customers' Inventories	37.0	32.0	+5.0	Too Low	Slower	11
Prices	67.0	70.0	-3.0	Increasing	Slower	8
Backlog of Orders	61.0	56.0	+5.0	Growing	Faster	2
Exports	56.5	58.5	-2.0	Growing	Slower	8
Imports	56.0	56.5	-0.5	Growing	Slower	6
OVERALL ECONOMY				Growing	Slower	10
Manufacturing Sector				Growing	Slower	7

*Number of months moving in current direction.