The US economy has now recovered all the jobs lost during the most recent recession, but as well as non farm payrolls, the ISM purchasing managers index offers perhaps the most timely economic indicator.

Bob Johnson, Director of Economic Analysis, at Morningstar Research discusses the purchasing manager's index (PMI) from the Institute of Supply Management (ISM).  

He cautions investors about the ‘short-term noise’ which often surrounds the latest ISM figures.