The Philadelphia Fed business outlook index is still above zero in January, pointing to expansion, but the expansion is not quite as broad.

Along with the rise in non-fuel import prices, this suggests the weaker dollar is taking competitive pressure off of businesses, giving them the extra pricing power they didn't have a couple of years ago.

These numbers are slightly dated, but they show that the inventory liquidation period is over, and that (the) drag on the economy is probably behind us.

We're still in a seasonally weak period of year, where companies are trimming workforces, ... It weighs on people's minds when they hear about companies cutting back.

It probably doesn't mean we don't see another rate increase, but it suggests that the Fed is not behind the curve and inflation is not getting out of control.

It suggests the drag on the economy from the trade deficit in the third quarter will not be as great and could help revise up third-quarter GDP a bit,