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The Economy

March 4, 2015 | Weekly Commentary

Last week the positive economic reports exceeded the negative. Following are the positives:

  1. Durable goods orders increased 2.8% vs 1.6% expected
  2. Case-Shiller home prices rose 0.87% month over month and 4.46% year over year, both above estimates.
  3. Core consumer prices rose 0.2% month over month vs +0.1% expected.
  4. Pending home sales grew 1.7%, less than the 2% expected gain but still hit 18-month highs.
  5. Revised Q4 Gross Domestic Product came in at +2.2%, down from the 2.6% initially estimated but better than the 2% expected revision.
  6. University of Michigan consumer confidence came in at 95.4, higher than expected.

Negatives:

  1. Chicago Purchasing Mangers Index fell to 45.8 vs expectations of 59.4, lowest since July 2009.
  2. Existing home sales fell 4.9% month over month vs expectations of a 1.8% decline
  3. US initial jobless claims rose 31k to 313k last week vs 290k expected.
  4. Dallas fed manufacturing index fell to -11.2, down from -4.4 in January and below the expected reading of -4
  5. S. oil rigs decline for the 12th straight week.

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