ISM services index rose to 56.0 in February. Factory orders fell 2.0% in January 2013. Nonfarm productivity fell a revised 1.9% annualized in Q4 of 2012. The trade balance widened in January 2013 to $44.4 billion. Consumer credit increased $16.2 billion (0.6%) to $2.795 trillion in January 2013. The unemployment rate fell to 7.7% in February; nonfarm payrolls increased 236,000 and private payrolls increased 246,000. The Fed held constant its target federal funds range at 0.0%-0.25%. Initial jobless claims declined 14,000 to 351,000 for the week ended 3/2.

• ISM services index rose nearly one full point to 56.0 in February. New orders are up 3.8 points to 58.2.

• Factory orders fell 2.0% in January 2013. Excluding transportation equipment, factory orders rose 1.3%.

• Nonfarm productivity fell a revised 1.9% annualized in the fourth quarter of 2012. Unit labor costs increased an annualized 4.6%.

• The trade balance widened in January 2013 to $44.4 billion. Exports declined 1.2% and imports increased 1.8%.

• Consumer credit increased $16.2 billion (0.6%) in January 2013 to $2.795 trillion, led by student loans. Revolving credit (i.e., credit cards) was essentially unchanged while non-revolving credit (i.e., auto loans) increased 0.8%.

• The unemployment rate decreased to 7.7% in February. Nonfarm payrolls increased 236,000 and private payrolls increased 246,000. Payroll job gains were stronger than expected in both goods- and service-producing sectors.

• The Fed held constant its target range of 0.0%-0.25% for the federal funds rate.

• Initial jobless claims declined 7,000 to a level of 340,000 for the week ended March 2nd.