Ahead of the Tape
New-Orders Index Is the Signal to Watch</br></br>"Lead, follow or get out of the way."</br></br>That saying, oft-repeated by modern management blowhards, has some relevance for economic data. This month alone, there will be at least 80 indicators focused on just the U.S., most of which will be mined by investors for clues to the future.</br></br>In reality, most of these are lagging indicators that "follow." Few are legitimate leading indicators. The surveys published by the Institute for Supply Management fall firmly into the latter camp, especially if one looks beyond the headline figure.</br></br>Tuesday's ISM nonmanufacturing report may provide an important all-clear for the U.S. economy. The headline index is seen barely changed at 55. It has been hovering right around that level since September -- clearly in expansion territory above 50.