While the Institute for Supply Managers non-manufacturing survey doesn't carry the weight of their manufacturing report, it still has good news for the month of January, with perhaps a hint of a warning of inflation. Pretty much all the measures of activity are over 50, indicating growth. New orders, employment, backlogs all continued to grow.

But as certain commodities became scarcer, their prices rose, too. Either new factories overseas will have to come on line immediately, given the long shipping times, or prices will rise to the point where domestic production will become profitable again.