Modest growth. That's the latest word on the greater Grand Rapids economy, according to the data collected in the last two weeks of January. New orders, our index of business improvement, eased to +14 from +20. However, the production index rose to +22 from +14. The back-to-work mood of the post-Christmas season resulted in the index of purchases bouncing to +17, up from +0. The employment index slid back to +0, down from +8. Like last month, all of this bodes well for a pattern of slow but steady growth, even though the pace of the recovery has slowed since the summer and early fall of 2009.