U.S. Economic News
March 26, 2019
U.S. Economic Indicators
The Conference Board Consumer Confidence Index declined from 131.4 in February to 124.1 in March. The Index declined after rebounding in February, driven largely by a decline in the Present Situation Index which reflects consumers’ assessment of current business and labor market conditions. Conference Board Report
Privately-owned housing starts dropped 8.7% in February to a seasonally adjusted annual rate of 1.16 million (down 9.9% year-over-year). Housing permits fell 1.6% to a 1.30 million annual pace in February and are down 2.0% on the year. Census Bureau Report
U.S. News
The Wall Street Journal reports that Boston Fed President Eric Rosengren says the central bank’s balance sheet drawdown was not the cause of financial market volatility at the end of 2018. Rather, Rosengren submitted that financial volatility was caused by concerns about the international economy, trade disputes, and the U.S. government shutdown. WSJ
According to the Wall Street Journal, Canada’s foreign minister indicated the government might delay ratification of the revised North American Free-Trade Agreement, now known as USMCA, until the Trump administration lifts tariffs against Canadian steel and aluminum. Canada has levied a 25% tariff on steel imports and 10% tariff on aluminum imports from the U.S in retaliation. WSJ