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-- The State of the 2004 US Economy with Weekly Updates
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where do you get this shit from?
| quote: |
| Originally posted by x-filer where do you get this shit from? |
Alright ... I've been lazy enough. Starting from last week:
Week Ending February 6
RELEASE: Agricultural Prices [United States]: -0.9%
FIRST TAKE: Prices received by farmers fell 0.9% to start off 2005. Crop prices were lower, led by commercial vegetables, oil-bearing crops, feed grains and hay, and cotton. By contrast, livestock prices edged upward by 0.8% thanks to higher prices for cattle, dairy, hogs, calves, and turkeys.
RELEASE: Personal Income [United States]: 3.7%
FIRST TAKE: Personal income rose 3.7% in December. However, growth was distorted by the $32 billion Microsoft dividend. Excluding the dividend, income grew a strong 0.6% after growing an upwardly revised 0.4% in November. Wage growth improved to 0.4%. Consumption grew 0.8%, led by strong growth in auto spending. The saving rate rose to 3.4%, distorted by the Microsoft dividend.
RELEASE: NAPM - NY Report [United States]: 331.8
FIRST TAKE: The New York City economy improved again in January as the Business Conditions Index (BCI) expanded roughly 1.9% from one month prior and now stands at 331.8.
RELEASE: Chicago PMI [United States]: 62.4
FIRST TAKE: The Chicago PMI exceeded expectations, posting a 1.2 point climb to 62.4 in January. This unanticipated increase may put upward pressure on expectations for the much-watched ISM release tomorrow.
RELEASE: New Home Sales (C25) [United States]: 1,098,000
FIRST TAKE: Sales of new homes are basically flat in December compared to the previous month. At 1.098 million units, a gain of only 0.1% from November, sales are far weaker than anticipated. Moreover, November data were revised downward by 2%.
RELEASE: Semiconductor Billings [United States]: -3.5%
FIRST TAKE: Global semiconductor sales fell by 3.5% to a level of $18.4 billion in December on a three-month moving average basis. The decline was along the lines of seasonal expectations. Over all of 2004, semiconductor sales reached a record $213 billion, growing by 28% relative to 2003.
RELEASE: Chain Store Sales Snapshot [United States]: -1.9%
FIRST TAKE: Chain store sales tumbled 1.9% in the week ending January 29, the biggest decline since last March according to the ICSC-UBS chain store sales index. Several factors including a later date for the Super Bowl and a New York state sales tax holiday as well as weather-related disruptions to store traffic reportedly hurt sales. Year-over-year growth fell to 2.5%, the slowest growth in seven weeks.
RELEASE: Construction Spending (C30) [United States]: 1.1%
FIRST TAKE: Construction spending increased 1.1% in December, easily besting consensus expectations. In addition, November's decline was revised away entirely as last month's preliminary estimate was bumped up from a 0.4% drop to a 0.3% gain. All three categories of construction, private residential, nonresidential and public, posted gains in December.
RELEASE: ISM Index [United States]: 56.4
FIRST TAKE: The ISM manufacturing index dropped nearly a full point to 56.4 in January, somewhat lower than expectations. Although the overall index dropped, both the production and employment components increased as manufacturers responded to stronger orders in the months prior to January.
RELEASE: MBA Mortgage Applications Survey [United States]: 706.4
FIRST TAKE: The demand for mortgages picked up during the week ending January 28, 2005, with the MBA index increasing by 7% to 706.4. The refi component of the index advanced strongly, while the purchase index was about flat. This one-week gain is not enough to move the index from its downward trend.
RELEASE: Risk of Recession [United States]: 14%
FIRST TAKE: Economy.com�s probability of recession moderated further in January to 14%, from December�s 21% level. An improvement in consumer confidence in January helped put downward pressure on recession risks. Equity markets moderated in January, putting some upward pressure on recession risks. Also, the dollar saw some strengthening in January which also weighs on the leading indicator. The risk of recession enters the New Year at a low and stable level.
RELEASE: Challenger Report [United States]: 92,351
FIRST TAKE: Planned job cuts dropped in January to 92,351, from over 100,000 during the last four months of 2004. Job cuts announcements were 21% lower than in January 2004 as well, though given the recent spate of M&A announcements, they will likely rebound in coming months.
RELEASE: Economy.com Survey of Business Confidence: 33.0%
FIRST TAKE: Confidence is hovering in a range established soon after the end of the U.S. presidential election. Sentiment is currently consistent with a global economy that is expanding at close to its potential of 3% real GDP growth. Attitudes are strongest in North America and Asia and less buoyant in Europe and South America. Manufacturers are the most upbeat while retailers remain pessimistic.
RELEASE: Oil and Gas Inventories [United States]: 295.3 MB
FIRST TAKE: Inventory data were mixed for the week ending January 28. The American Petroleum Institute reported a small build in commercial crude oil stocks and a small draw in distillate stocks, while the Energy Information Administration reported a sizable draw in distillate stocks and a small draw in commercial crude oil inventories. Both reports recorded a sizable build in gasoline stocks. Thus, today�s inventory data should be neutral for petroleum markets overall.
RELEASE: Chain Store Sales [United States]: 3.6%
FIRST TAKE: Chain store sales rose a better-than-expected 3.6% in January, according to the ICSC chain store index. The benefits of clearance sales and increased gift card giving overcame losses from severe weather, more difficult comparisons, and some minor negative calendar effects. High energy prices and concerns about outlook remained weights on sales while steady job gains were a plus. Luxury retailers continued to post mostly better-than-average results although result remained highly variable even within segments.
RELEASE: Jobless Claims [United States]: 316,000
FIRST TAKE: Jobless claims declined to 316,000 last week, down from 325,000 (unrevised) in the prior week. Following the holiday distortions at the beginning of the month, claims have averaged 320,000 during the last three weeks, indicative of a palpable improvement compared to the trend prior to the holidays of about 335,000.
RELEASE: Productivity and Costs [United States]: 0.8%
FIRST TAKE: Preliminary estimates for productivity growth showed a 0.8% (q/q annualized) increase in the fourth quarter, the smallest quarterly advance in nearly four years. This continues the trend toward slower growth that has been in place since the third quarter. Unit labor costs rose 2.3%, and were up 1.0% from a year earlier.
RELEASE: Factory Orders (M3) [United States]: 0.3%
FIRST TAKE: Factory orders increased 0.3% over the month in December, slightly below expectations. New orders for durable goods increased 1.1% after an upward revision from 0.6%, while nondurables posted a 0.6% decrease. Shipments were up 0.9%, while inventories decreased by 0.1%. Unfilled orders of durable goods were up 0.6%.
RELEASE: ISM Non-Mfg.Index [United States]: 59.2
FIRST TAKE: The U.S. service sector expansion slowed down more than expected as the ISM Non-Mfg Index fell 4.7 points to 59.2. Virtually all of the index's components showed a decline for the month of January.
RELEASE: Weekly Natural Gas Storage Report [United States]: 2,082 Bcf
FIRST TAKE: Underground storage of natural gas fell by 188 billion cubic feet during the week ending January 28. The draw was substantially smaller than expected as traders had anticipated a draw of 213 Bcf. Thus, today�s inventory report should add bearish momentum to natural gas markets.
RELEASE: Monster Employment Index [United States]: 120
FIRST TAKE: Online labor demand rose strongly in January to a reading of 120, from 113 in December. On a year-ago basis, the index was 27 points higher than one year ago. Of the 20 industries tracked by Monster, labor demand improved in 14 of them, with the strongest gains in management of companies, retail trade and manufacturing.
RELEASE: Employment Situation [United States]: 146,000
FIRST TAKE: Payrolls employment rose by only 146,000 in January, well below our expectation of 200,000. Goods-producing payrolls declined by 31,000, while service-producers added 177,000 jobs, up from 123,000 in December. The December total was revised down to 133,000 from 157,000. Meanwhile, the jobless rate, derived from a separate survey, fell to 5.2%.
RELEASE: ECRI Future Inflation Gauge [United States]: 1.1%
FIRST TAKE: The U.S. future inflation gauge (FIG) rose more than a full point to 120.0 in January, pushed higher by faster loan creation and an improving labor market. Nearly all other FIGs, which trail the U.S. measure by one month, fell in response to declining commodity prices in December.
RELEASE: University of Michigan Consumer Sentiment Survey [United States]: 95.5
FIRST TAKE: The University of Michigan Consumer Sentiment Index final value for January was virtually unchanged from the preliminary value, dropping 0.3 points to 95.5. It remains down from December�s 97.1, though only partially reversing December�s gain. A decline in expectations of the outlook more than offset an improvement in assessments of current conditions compared to December.
RELEASE: ECRI Weekly Leading Index [United States]: 133.7
FIRST TAKE: The ECRI Weekly Leading Index (WLI) saw a lift for the week ending January 28 to end at 133.7. The smoothed annualized growth rate also improved to 0.3%
RELEASE: FOMC Meeting [United States]: 2.50%
FIRST TAKE: As widely expected, the FOMC raised the fed funds rate by another 25 basis points to 2.5%. The committee continues to view the risks facing its growth and inflation outlooks as balanced. The statement also maintained that policy accommodation can continue to be removed at a �measured� pace.
I know I'm a couple weeks behind but I'll get caught up this weekend ... time for bed.
Week Ending February 13
RELEASE: OECD Composite Leading Indicators [OECD]: 103.9
FIRST TAKE: According to the OECD Composite Leading Indicator (CLI), global growth is expected to be weak during the first half of 2005. The indicator for the OECD area increased by 0.2 points in December, after increasing 0.4 points in November. The six-month rate of growth increased for the second consecutive month in December, after nine months of declines.
RELEASE: ECRI Weekly Leading Index [United States]: 134.4
FIRST TAKE: The ECRI Weekly Leading Index (WLI) continued the upward trend over the week ending February 4 to reach 134.4. The smoothed annualized growth rate also rose to 1.6%.
RELEASE: Jobless Claims [United States]: 303,000
FIRST TAKE: Initial jobless claims fell unexpectedly last week to 303,000--the lowest level since October 2000. Continuing claims, on the other hand, rose by 47,000 to 2.74 million in the week prior. The insured unemployment rate was 2.2% in the week ended January 29, up from 2.1% the prior week.
RELEASE: International Trade (FT900) [United States]: -$56.4 billion
FIRST TAKE: The nominal U.S. trade deficit narrowed to $56.4 billion in December from November�s revised $59.33 billion deficit (originally reported at $60.3 billion). December�s improvement in the deficit was largely the result of the sharpest fall in oil prices in 14 years. The trade deficit widened to a record $617.7 billion in 2004.
RELEASE: Weekly Natural Gas Storage Report [United States]: 1906
FIRST TAKE: Underground storage of natural gas fell by 176 billion cubic feet during the week ending February 4. Net withdrawals exceeded expectations by some 10 Bcf. Thus, today�s data should have a slightly bullish effect on natural gas markets, but any bullish momentum will be moderated by ample storage levels.
RELEASE: Treasury Budget [United States]: $8.7 billion
FIRST TAKE: The unified surplus for January was $9 billion, below the CBO�s preliminary estimate of a $12 billion surplus. Through the first four months of fiscal year 2005 the federal government has run a cumulative deficit of $109 billion.
RELEASE: MBA Mortgage Applications Survey [United States]: 735.9
FIRST TAKE: The demand for mortgages picked up during the week ending February 2, 2005, with the MBA index increasing by 4% to 735.9. Both the refi and purchase components of the index advanced, although the refi index�s gain was particularly strong. Another sharp decline in the 30-year fixed mortgage rate is behind the recent gains in the MBA index.
RELEASE: Wholesale Trade (MWTR) [United States]: 0.4%
FIRST TAKE: Wholesale inventories grew 0.4% in December, well below expectations for a 0.9% gain. Sales were up 0.9% during the month, and the November figure was adjusted upward by 0.2%. The I/S ratio edged down to 1.14 after holding at 1.15 for six consecutive months.
RELEASE: Job Openings and Labor Turnover Survey [United States]: 10.6%
FIRST TAKE: In December, 4.49 million workers were hired while 4.28 million left their jobs either voluntarily or involuntarily. The hire rate declined slightly to 3.4%, from 3.6% in November, while the separation rate rose slightly to 3.2%, from 3.1%. The number of available jobs rose to 3.38 million.
RELEASE: Oil and Gas Inventories [United States]: 294.3 MB
FIRST TAKE: The Energy Information Administration recorded a small draw in commercial crude oil stocks and a sizable draw in distillate stocks for the week ending February 4. Thus, today�s data should have a slightly bullish effect on petroleum markets. The data published by the American Petroleum Institute are delayed.
RELEASE: Chain Store Sales Snapshot [United States]: 2.2%
FIRST TAKE: Chain store sales surged 2.2% in the week ending February 5, the biggest gain this year and more than reversing the previous week�s large decline according to the ICSC-UBS chain store sales index. Several factors boosted sales including better weather, the later date for the Super Bowl and a New York state sales tax holiday. Year-over-year growth improved modestly to 3.0%.
ELEASE: Economy.com Survey of Business Confidence: 32.3%
FIRST TAKE: Business confidence remains in a range established soon after the end of the U.S. presidential election. Sentiment is currently consistent with a global economy that is expanding at close to its potential of 3% real GDP growth. Attitudes are strongest in North America and weakest in South America. Businesses continue to invest aggressively in equipment and software. Manufacturers are the most upbeat while retailers remain pessimistic.
RELEASE: Consumer Credit (G19) [United States]: $3.1 billion
FIRST TAKE: December consumer credit rose a modest $3.1 billion or 1.8% at an annual rate. However, the huge November decline was revised to show a small increase. Nonrevolving credit led growth in both December and November, although growth was modest for both revolving and nonrevolving credit.
RELEASE: Richmond Fed Manufacturing Survey [United States]: -7
FIRST TAKE: This past January, the Richmond Fed introduced a new top line measure of manufacturing activity in the fifth district�The Richmond Fed Manufacturing Index. The index incorporates the shipments, new orders and employment components in the monthly surveys and is available for the entire history of the survey. The index rose from 1 to 2 from December to January, owing principally to improvements in the volume of new orders and employment measures.
Week Ending February 20
RELEASE: Economy.com Survey of Business Confidence: 31.4%
FIRST TAKE: Business confidence is consistent with a global economy that is expanding near its potential of 3% real GDP growth. There is no indication that growth will either accelerate or slow substantially anytime through midyear. Attitudes are strongest in North America and weakest in South America. Asian business confidence is notably volatile. Businesses continue to invest aggressively in equipment and software and are absorbing new office and other space at the strongest pace since the survey began. Manufacturers are the most upbeat while retailers remain pessimistic.
RELEASE: Kansas City Fed Manufacturing Survey [United States]: 37
FIRST TAKE: Manufacturing activity eased in January, but remained strong in the Tenth Federal Reserve District. The net percentage of firms reporting year-over-year increases in production dropped from 50 in December to 37 in January.
RELEASE: Chain Store Sales Snapshot [United States]: 0.1%
FIRST TAKE: Chain store sales held on to the prior week�s gains, increasing a scant 0.1% in the week ending February 12, following a 2.2% surge the prior week according to the ICSC-UBS chain store sales index. However, significantly more difficult comparisons brought year-over-year growth down to 1.7%, the weakest growth since early July 2003.
RELEASE: NY Empire State Manufacturing Survey [United States]: 19.2
FIRST TAKE: Manufacturing activity in New York state moderated slightly during February as the general business conditions index (BCI) slipped from 20.1 to 19.2, unable to meet consensus expectations for a modest increase.
RELEASE: Retail Sales (MARTS) [United States]: -0.3%
FIRST TAKE: Total retail sales fell 0.3% in January, the biggest decline since August, pulled down by a sharp drop in auto sales. Sales excluding autos rose a strong 0.6%, the best growth since October. Revisions to November sales totals were minor.
RELEASE: Business Employment Dynamics [United States]: 7,857.0
FIRST TAKE: Gross job creation accelerated during the second quarter of last year, while losses stabilized. During the quarter, 7.857 million jobs were created, up from 7.745 million in the first quarter, while 7.263 million were lost, down from 7.31 million in the first quarter.
RELEASE: Business Inventories (MTIS) [United States]: 0.2%
FIRST TAKE: Business inventories rose 0.2% in December, following an upwardly revised 1.1% gain in November. The I/S ratio fell to a record low of 1.30.
RELEASE: NAHB Housing Market Index [United States]: 68
FIRST TAKE: Builder optimism is weakening a bit, with the NAHB topline index slipping to 68 in February from 70 in the previous month. Year-over-year comparisons are still strong, however, with a gain of about four points.
RELEASE: MBA Mortgage Applications Survey [United States]: 732.3
FIRST TAKE: The demand for mortgages slowed during the week ending February 9, 2005, with the MBA index increasing by 0.5% to 732.3. The purchase component of the index is leading the decline, while the refi index picked up again. Low fixed rates are encouraging the recent increase in refi activity, but not enough to encourage stronger buying.
RELEASE: New Residential Construction (C20) [United States]: 2.16 million
FIRST TAKE: Residential construction activity surprised on the upside in January, with an increase in housing starts of 4.7% from December. At 2.159 million units, starts are running at their strongest pace since the 1970s. Census also revised December starts upward by 1%.
RELEASE: Industrial Production [United States]: 0.0%
FIRST TAKE: Industrial production was unchanged in January, falling short of expectations for a modest increase. Furthermore, the December gain was revised downward one-tenth to 0.7%. As a result, capacity utilization fell 0.1% to 79.0%.
RELEASE: Oil and Gas Inventories [United States]: 296.4 MB
FIRST TAKE: Petroleum inventory data were mixed for the week ending February 11. The American Petroleum Institute reported a sizable build in commercial crude oil stocks and a substantial draw in distillate stocks, while the Energy Information Administration reported a similarly-sized draw in distillate stocks and a smaller build in commercial crude oil stocks. Both reports showed sizable additions to motor gasoline stocks. On balance, the data should be slightly bearish for petroleum markets.
RELEASE: The Conference Board Leading Indicators [United States]: -0.3%
FIRST TAKE: The leading indicators index fell 0.3% in January, falling short of consensus expectations calling for a smaller decline. However, the Conference Board noted that there were significant upward revisions to the index from August through December.
RELEASE: Weekly Natural Gas Storage Report [United States]: 1808 Bcf.
FIRST TAKE: Underground storage of natural gas fell by 98 billion cubic feet during the week ending February 11. Traders had anticipated a draw of 115 Bcf for the week. Thus, today�s data should have a moderately bearish effect on natural gas markets.
RELEASE: Philadelphia Fed Survey [United States]: 23.9
FIRST TAKE: The expansion in Third District manufacturing activity regained momentum in February, as the topline diffusion index climbed 10.7 points to 23.9, easily besting the consensus and Economy.com forecast. However, despite some month-to-month volatility, the index has shown a slower pace of expansion in the region's manufacturing sector than the summer.
RELEASE: PPI [United States]: 0.3%
FIRST TAKE: Producer prices for finished goods rose by 0.3% in January, largely matching expectations. Excluding food and energy products, however, producer prices rose much faster than what was called for in the outlook. Prices for finished energy goods unexpectedly dropped, and prices for core finished goods rose by 0.8% on the month. Inflation remained rapid among core intermediate goods as well.
RELEASE: University of Michigan Consumer Sentiment Survey [United States]: 94.2
FIRST TAKE: The University of Michigan Consumer Sentiment Index preliminary value for February fell slightly to 94.2 from January�s 95.5, the index�s second consecutive small decline. The expectations component of the index paced the decline.
RELEASE: ECRI Weekly Leading Index [United States]: 134.3
FIRST TAKE: The ECRI Weekly Leading Index (WLI) held firm during the week ending February 11 to remain at 134.3. The smoothed annualized growth rate increased to 1.9% from a downwardly revised 1.5%.
Week Ending February 27
RELEASE: The Conference Board Consumer Confidence [United States]: 104.0
FIRST TAKE: The Conference Board index of consumer confidence fell 1.1 points in February to 104. However, the January reading was revised up from 103.4 to 105.1. The present situation component of the index gained for the fourth consecutive month, while the expectations component declined for the second consecutive time.
RELEASE: Economy.com Survey of Business Confidence: 33.2%
FIRST TAKE: Global business confidence has remained sturdy and steady so far this year. It is currently consistent with global real GDP growth of near its 3% potential. Confidence appears to be steadily firming in North America and Europe, while weakening in Asia. Sentiment in South America remains unchanged. Businesses continue to invest aggressively in equipment and software and are absorbing new office and other space at the strongest pace since the survey began. Manufacturers are the most upbeat while retailers remain pessimistic.
RELEASE: Richmond Fed Manufacturing Survey [United States]: 4
FIRST TAKE: The Richmond Fed Manufacturing Index rose to 4 in February from a value of 2 the month before, indicating continued expansion in manufacturing activity in the Fifth Federal district.
RELEASE: MBA Mortgage Applications Survey [United States]: 727.9
FIRST TAKE: The demand for mortgages slowed slightly during the week ending February 18, 2005, with the MBA index decreasing by 0.6% to 727.9. The purchase index is leading the decline, while the refi index is flat. Rising mortgage interest rates are quelling the demand for mortgages.
RELEASE: Chain Store Sales Snapshot [United States]: -0.1%
FIRST TAKE: Chain store sales remained virtually unchanged for the second consecutive week, declining a scant 0.1% in the week ending February 19, following a similarly sized increase the previous week, according to the ICSC-UBS chain store sales index. Year-over-year growth remained weak at 1.8%, slightly above the prior week�s 1.7%, which was the weakest growth since early July 2003.
RELEASE: Consumer Price Index [United States]: 0.1%
FIRST TAKE: The consumer price index rose 0.1% in January and was held back by the second straight monthly decline in energy prices. Core inflation rose 0.2% and has increased 2.3% over the last year.
RELEASE: Jobless Claims [United States]: 312,000
FIRST TAKE: Initial jobless claims rose by 9,000 to 312,000 last week. Claims for the prior week were revised up by 1,000 to 303,000. Despite the increase, claims remain very low and are indicative of an improving labor market. Due to the very low claims of recent weeks, the four-week moving average fell to 308,750, the lowest average since November 2000.
RELEASE: Durable Goods (Advance) [United States]: -0.9%
FIRST TAKE: Durable goods orders declined 0.9% in January, following a upwardly revised 1.4% increase in December. New orders for nondefense capital goods rose 0.2% over the month. Shipments increased by 1.5% in January. Unfilled orders declined by 0.2% in January and inventories were up 0.9% over the month.
RELEASE: Chicago Fed National Activity Index [United States]: 0.21
FIRST TAKE: January's reading of the Chicago Fed National Activity Index posted at +0.29. This positive reading is considerably below December's upwardly revised +0.59.
RELEASE: The Conference Board Help Wanted Index [United States]: 41
FIRST TAKE: An increase in help wanted advertising indicates that hiring activity may be accelerating this year. The Conference Board's help wanted index gained three points in January, rising to a reading of 41. It was 38 a year ago. The index increased in eight out of the nine U.S. regions during the past three months; it declined only in the Pacific region.
RELEASE: Internet Sales (E-Commerce Sales) [United States]: 18.4 billion
FIRST TAKE: Seasonally adjusted e-commerce sales rose to $18.4 billion in the fourth quarter. Year-over-year growth continues to slowly moderate, however, and now sits at 22% with respect to the same quarter a year ago. Internet sales' share of total retail sales excluding restaurant sales increased to almost 2% in the fourth quarter.
RELEASE: Monthly Mass Layoffs [United States]: 1,457
FIRST TAKE: In January, employers took 1,457 mass layoff actions involving 150,990 workers. The number of layoff events rose in January by 246 from December and the number of initial claims rose by 31,341 over the month. The layoffs were concentrated in the manufacturing industry and in the Midwest region of the country.
RELEASE: Weekly Natural Gas Storage Report [United States]: 1720 Bcf.
FIRST TAKE: Underground storage of natural gas decreased by 88 billion cubic feet during the week ending February 18. The draw was slightly smaller than anticipated. Thus, today�s data should have a marginally bearish effect on natural gas markets.
RELEASE: Oil and Gas Inventories [United States]: 297.0 MB
FIRST TAKE: U.S. Inventory data for petroleum released by the American Petroleum Institute and the Energy Information Administration for the week ending February 18 are contradictory. Overall, the reports should be neutral for petroleum markets. The EIA reported a small build in crude stocks, but a draw in distillate stocks, while the API reported a build in distillate stocks, but a sizable draw in crude inventories. Both reports showed substantial increases in motor gasoline stocks.
RELEASE: Existing Home Sales [United States]: 6.8 Million
FIRST TAKE: Against expectations, sales of existing homes dropped in January, the second consecutive decline. Despite the drop in the number of sales, the months of inventory is descending, as fewer homeowners put their homes up for sale. House-price appreciation also remains very strong. The level of sales activity remains quite high as well. The National Association of Realtors has rebenchmarked the sales data to the 2000 Census. The revised data show a lower level of activity, but growth patterns remain the same. NAR is also now reporting condo data on a monthly basis.
RELEASE: ECRI Weekly Leading Index [United States]: 133.9
FIRST TAKE: The ECRI Weekly Leading Index (WLI) saw a slight dip over the week ending February 18 to end at 133.9. The smoothed annualized growth rate rose from 1.9 in the prior week to 2.1.
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