It was a relatively light week for economic news last week. Highlights include:

• Consumer credit increased less than expected in December.
• The ISM Non-Manufacturing index rose to 59 (from 56.7 in December). The services sector is showing greater strength than the Manufacturing index I spoke about last week.
• The earnings reports produced good numbers (Cisco, Disney, Prudential and others reported.)
• Nonfarm productivity bounced back in Q4 2006, growing at an annualized 3.0%. Overall for 2006 productivity growth was only 2.1%, the lowest since 1.6% in 1997.

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References: Vanguard, Briefing.com.