U.S. Review
Hanging in There
· Stronger consumer spending on services led the third estimate of fourth-quarter GDP higher to a 2.6 percent annualized rate. Real final sales increased at a 2.7 percent annualized rate, the fastest pace since the start of 2012.
· After a jump in January, new home sales fell back to a 440,000-unit annualized pace in February.
· Activity in the manufacturing sector continues to look a bit sluggish. Durable goods orders rose 2.2 percent in February, but excluding transportation, goods were up only 0.2 percent. More worrisome was a 1.3 percent drop in core orders.
Global Review
Still Weak Numbers from the Global Economy
· The global economy continues to struggle to find upbeat trends. Data that has come out in the first months of the year are still pointing to weak but positive economic growth.
· Mexican economic growth was weak in January, while the U.K.’s retail sales bounced back in February after a very soft number in January. Meanwhile, Eurozone growth remained positive but subdued, and the Japanese economy showed some reassuring numbers.
Read the full report: Economic Research
Wells Fargo