Six data series are showing month-over-month expansions in the December MHI Business Actitivity Index report. The data series showing significant improvements from November include business activity, new orders, shipments, unfilled orders, inventories and future new orders. Capacity utilization was unchanged in December, and exports contracted for a sixth consecutive month. Moving averages of activity series remain mixed. The three-month moving average for new orders continued to show a contraction in December. Hawkish Fedspeak and a strong dollar continue to weigh on exports.