Commentaries

March 22, 2019

U.S. Factory Orders for January were flat, in line with consensus. The Index of Leading Economic Indicators was up 0.2% for February. Finally, Existing Home Sales came in at 5.510mm units, up 11.8% for the month and far exceeding consensus of 5.100mm units. Year-over-year, Existing Home Sales were still down slightly, at -1.8%.
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March 08, 2019

U.S. Construction Spending was down 0.6% for December 2018, however for the year, spending was up 1.6%. The PMI and ISM Services Indexes were still nicely expansionary for February, at 56 and 59, respectively. U.S. Non-Farm Productivity was up nicely, at a 1.9% annual rate for the fourth quarter 2018, slightly above long-term normalized levels of 1.8%. Unit Labor Costs were up a reasonable 2.0% for the quarter on an annualized basis. Finally,the U.S. Unemployment Rate was 3.8% for February, a bit better than the 4.0% rate for January.
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