Global Recession Tugs At US Economy

"This recent release of the manufacturing and industrial production data added further support to our previous commentary regarding the search for the much touted economic recovery.  Unfortunately, it has yet to manifest itself.  The latest data showed that manufacturing in January fell back but after strong gains in December and November.  However, it is important to remember that the gains at the end of 2012 were driven by the effects of Hurricane Sandy and the "Fiscal Cliff."  That ramp up in November and December is likely to leave a void in demand in the coming months - so January's weakness is likely a return to a more normalized trend."