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The IHS Markit’s manufacturing PMI fell to 50.8 vs. 51.9 in January, failing to reach the 51.5 reading forecast by the market. The services and composite PMIs fell below 50 to contraction territory, with services posting the lowest reading in six years.

Initial claims for state unemployment benefits rose from 206,000 to 210,000 for the week ended February 15, according to the Labor Department. Data for the previous week was revised upward by 1,000 claims. Overall, the labor market appears to be in good health, with low layoffs nationwide following increased hiring last month.

The Philadelphia Federal Reserve manufacturing index rose 20 points to 36.7 during February, beating the expected reading of just 10 points. The index measures business conditions in the region, and points to renewed strength for Q1 2020 following a year of weak results.

The Federal Reserve this afternoon released the discussion minutes from the FOMC’s most recent monetary policy meeting, the first of 2020. The meeting’s notes confirmed the narrative that has been laid out by Jerome Powell & Co. in recent congressional testimony and other public appearances.

US producer prices saw the highest gains in over a year last month, driven by increases in services like healthcare and hotel accommodation. The producer price index (PPI) outperformed yearly expectations of 1.6% gain, rising 2.1% according to the Labor Department report released on Wednesday.

Homebuilding starts fell less than expected in January, dipping 3.6% to 1.567 million units vs. 1.45 million expected. Permits, an indicator of future construction, rose near the highest point in 13 years, indicating upcoming strength in the housing market.

The New York Federal Reserve’s manufacturing index rose 8.1 points to 12.9 in February, according to a report released on Tuesday. The index is now at the highest level since May, vastly outperforming the expected reading of 4.0. The index is a measure of business conditions in the region, and those conditions also ticked up in January following months of deceleration.

Good morning, traders. Welcome to our preview of the trading week ahead, with a specific focus on the economic data and global headlines that could have the biggest impact for gold, the Dollar, and other important correlated assets.

Happy Friday, traders. Welcome to our weekly market wrap on the last five days of trading in gold and it’s correlated assets. Gold prices are heading towards a gain of more than $10 on the week, following another five days of trading dominated by global concern over the spread of the Covid-19 coronavirus and the possible economic damage created by both the epidemic and the efforts to contain it.

Sales at clothing stores hit the lowest point in 11 years in January, while consumer spending overall ticked upward. Retail sales climbed 0.3% last month as expected, according to the Commerce Department report released on Friday.

Consumer inflation rose slightly in January, driven by increases in the cost of rent and clothing. The consumer price index rose 0.2% following a 0.1% gain the month before, according to the Labor Department. The data indicates that inflation is on a slow course to meet the Fed’s target range of inflation of 2%.

The number of Americans who applied for unemployment benefits last week rose slightly from 203,000 to 205,000 vs. 210,000 expected. Claims remain relatively low, with no indication of major layoffs in the labor market, according to the latest data from the Labor Department.