U.S. Economic News
April 1, 2019
U.S. Economic Indicators
Retail sales dropped 0.2% in February but were up 2.2% compared to last year. Core sales — which excludes autos, gasoline, building materials, and food services — also fell 0.2% after a 1.7% (revised) surge in January. Census Bureau Report
The ISM Manufacturing Index increased 1.1 percentage points to 55.3 in March. The Employment Index rose 5.2 percentage points to 57.5 while the New Orders Index rose 1.9 percentage points to 57.4. ISM Report
Construction spending rose 1.0% in February to an annualized rate of $1.32 trillion. Public construction rose 3.6% while private construction increased just 0.2%. Census Bureau Report
Business inventories increased 0.8% in January and are up 5.3% from last year. Manufacturers’ sales edged down 0.4% but are up 2.9% year-over-year. Census Bureau Report
U.S. News
The Wall Street Journal reports that China’s official manufacturing PMI hit a six-month high in March, indicating expansions in new orders, production, and hiring. The rebound suggests that Beijing’s stimulus measures are finally starting to take effect, but economists caution that unresolved trade issues with the U.S. and deflationary pressure in manufacturing and commodities will continue to drag on China’s growth. WSJ