These data are consistent with still-strong domestic and improving international economic activity.
More Quotes from Steven Wood:
The recent movements in the index suggest only moderate economic growth over the next 6 to 9 months.Steven Wood
Despite the strength during the quarter, the period ended on a much weaker note, suggesting (second-quarter) growth is likely to be weaker. These data are unlikely to sway the (Fed) from easing again at (its) May 15th meeting.
Steven Wood
Wholesalers had been struggling with bulging inventories through the winter and spring, ... However, plunging sales had largely thwarted their efforts. July's improvement is a welcome respite in this struggle.
Steven Wood
The January gain in construction spending was surprisingly weak given the recent strength in housing starts and unseasonably warm weather.
Steven Wood
Housing fundamentals are deteriorating. Mortgage rates have been flat since the beginning of the year. Job creation and income growth has slowed. Equity markets have plunged over the past year. And consumer confidence has tumbled. Moreover, mortgage applications have trailed off. All of these suggest that home sales should weaken over the next several months.
Steven Wood
Because the U.S. economy has slowed more sharply than the international economy, imports have been impacted more than exports, thereby narrowing the trade deficit.
Steven Wood
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