Expectations are a leading indicator and are consistent with modest spending gains. Stronger stocks will push the index up further, and soon. This is a good report.

At this level the index is consistent with spending growth of about 3.5 percent, in line with recent economic data. But watch out for a dip next month in the wake of the renewed spike in gas prices. Overall, though, quite robust.

This level of the ISM is not consistent with recession,

This report is stronger than it looks and is consistent with the industrial recovery gathering pace,