week’s economic news included construction spending and the CoreLogic
Home Price Index for January. Reports for February included ADP
Employment, Non-Farm Payrolls and national unemployment data.
The Federal Reserve’s Beige Book report and weekly reports on
mortgage rates and new unemployment claims rounded out the week’s
Highlights for last week include:
Consumer spending gained 0.40 percent for January. The expected reading was 0.20 percent and the reading for December was flat.
The Commerce Department reported that increased spending was less an
indicator of consumer discretionary spending than an indicator of high
utility costs caused by severe winter weather.
Construction spending ticked upward in January with gain of 0.10
percent as compared to expectations of -0.40 percent and the prior
month’s reading of 0.10 percent.
January’s reading translates to a seasonally adjusted annual figure of $943.1 billion.
Federal Reserve: Winter Weather Obscures Accurate Economic Outlook
According to the Fed’s Beige Book report, much of the U.S. economy
was impacted by severe winter weather. The report is based on anecdotal
information provided by business contacts and industry leaders
throughout the 12 regions of the U.S. Federal Reserve System. Read More