The final estimate for consumer sentiment in February came in slightly higher than the advance estimate, rising to 62.8 from 61.7 previously, yet remaining at a decade low. Concerns over elevated inflation, rising interest rates and higher gas prices all took a toll on confidence, according to a new ... READ MORE >
U.S. consumers spend more in January, defying inflation
Personal spending rebounded in January even as inflation rose at the highest rate in decades. Consumers looked past the omicron surge to spend more for the first time in three months on an inflation-adjusted basis. Spending rose 2.1% on the month, and 1.5% after adjusted for price increases while the ... READ MORE >
U.S. new home sales declined in January
New home sales dropped 4.5% in January as high prices and increasing mortgage rates slowed demand, according to data from the Census Bureau on Thursday. The omicron variant and colder-than-usual weather in January also contributed to the decline. As a result, inventory levels increased to 6.1 months of ... READ MORE >
Chart of the day: Initial jobless claims continue to decline
Initial jobless claims last week continued to trend down toward the pre-pandemic level after a period of temporary increases because of the omicron variant. New filings for the week ending Feb. 19 dropped to 232,000 from 249,000 in the prior week, only 14,000 claims away from the 2019 average. The ... READ MORE >
Chart of the day: Consumer confidence slides
Consumer confidence ticked down in February as expectations for the economy softened, according to data from the Conference Board on Tuesday. High inflation—which might continue to rise because of the Russia-Ukraine conflict—remains a top concern for consumers, dampening spending plans and raising ... READ MORE >
RSM US Supply Chain Index: Omicron pauses improvement
Stress in the U.S. supply chain increased in January as the omicron surge temporarily put some parts of overall production to a halt. While we still expect stress on U.S. and global supply chains to improve this year, geopolitical tensions associated with the imminent Russian incursion into Ukraine ... READ MORE >
Chart of the day: Buyers rush into housing market before rate hikes
Investors with all-cash offers flocked into the housing market before rate hikes, helping to push sales of existing homes to 6.5 million in January at an annualized rate, according to data released on Friday by the National Association of Realtors. The share of investors jumped 5 percentage points on ... READ MORE >
Chart of the day: U.S. housing permits reach 15-year high
Housing supply showed no sign of slowing down in January despite a decrease in starts because of the omicron surge. The one-time impact—which has subsided quickly—caused housing starts to decline by 4.1% in January to 1.638 million from 1,708 million in December on an annualized rate. But housing ... READ MORE >
Initial jobless claims rise unexpectedly
New filings for jobless claims rose unexpectedly last week because of large jumps in Missouri and Ohio. New claims advanced to 248,000 from an upwardly revised 225,000 the week before, according to data from the Labor Department on Thursday. The upside surprise was quite large as the market had ... READ MORE >
Chart of the day: U.S. industrial production rebounds
A colder-than-normal January pushed industrial production up significantly as utility production rose 9.9% on the month—the highest rate on record—according to a report from the Federal Reserve on Wednesday. Overall industrial production volume, as a result, advanced by 1.4% in January from a decrease ... READ MORE >