The ISM or Institute for Supply Managers Non-Manufacturing Index beat expectations with a small gain to 54.5 in March on strength in new orders and activity.
CoreLogic reports that home prices gained 6.8% in February from a year ago and 1.1% for the month. As the index continues to close on its 2006 high despite rapidly falling affordability that has exceed the levels seen prior to the last bust in some markets.
The trade deficit increased to 47.1 billion in February as exports gained 1.8 billion and imports jumped 3 billion. The petroleum deficit continues to hover around 5 billion despite plunging domestic rig counts. That said trade is clearly rolling over and has declined steadily since late 2014. This data pushed the Atlanta Fed’s GDP Now model down to just .4%.
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