Stock market index
The Flash PMI increased in January and the Federal Energy Regulatory Commission got a win at the Supreme Court.
Flash PMI Up
The Markit Flash manufacturing purchasing managers’ index showed that sentiment rebounded in January after hitting a 38-month low in December, according to data released Friday. The Flash PMI rose to a reading of 52.7 from 51.2 in December.
Output and orders picked up in January after slowing late last year. But job creation fell to a four-month low and manufacturers cut inventories. The flash estimate is typically based on approximately 85%-90% of total PMI survey responses each month.
Supreme Court Revives FERC Power Demand Rule
The Supreme Court on Monday resurrected the Federal Energy Regulatory Commission‘s rule that consumers be paid for using less power during high-demand periods, overturning a D.C. Circuit ruling that said the rule usurps state authority over retail electricity markets.
By a 6-2 vote, the high court held FERC reasonably concluded that it had authority under the Federal Power Act to issue its so-called demand-response rule. Justice Samuel Alito had recused himself from the case.
Demand response directly affects wholesale electricity rates, and FERC is not directly regulating retail electricity sales with the rule, the majority held.