Tuesday’s Later Data Leaves Estimates in the Dust
Mar 1, 2017
The second round of economic data released Tuesday morning was strong. The S&P Case Shiller Index showed a 5.6% YoY increases a 20 major metro areas in December. This represented a nearly 0.6% improvement from November keeps the storyline of rising property values well supported. The Conference Board’s Consumer Confidence Index for February easily surpassed expectation for a slight decline and hit its highest level since July 2001. Consumers were more confident about the present situation (highest since July 2007) and future expectations. The Chicago PMI experienced its biggest monthly improvement since last January to its best mark in two years. The Richmond Fed Manufacturing Index also jumped unexpectedly to match its best result in 12 months. The regional Fed surveys continue to improve.