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Annual Gains for HPI Lowest Since April 2015

Real estate market with price tags above home properties to illustrate house prices in 3D abstract. (Photo: AdobeStock)
Real estate market with price tags above home properties to illustrate house prices in 3D abstract. (Photo: AdobeStock)

The S&P CoreLogic Case-Shiller National Home Price NSA Index covering all 9 U.S. census divisions posted a 4.3% annual gain in January. That’s down from 4.6% in the previous month and the slowest pace since 2015.

“Home price gains continue to shrink,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “In the year to January, the S&P CoreLogic Case-Shiller National Index rose 4.3%, two percentage points slower than its pace in January 2018.”

“The last time it advanced this slowly was April 2015.”

Las Vegas, Phoenix and Minneapolis reported the highest year-over-year gains among the 20 cities.

In January, Las Vegas led the way with a 10.5% year-over-year price increase, followed by Phoenix with a 7.5% increase and Minneapolis with a 5.1% increase. Only one of the 20 cities reported greater price increases in the year ending January 2019 versus the year ending December 2018.

The 10-City Composite annual increase came in at 3.2%, down from 3.7% in the previous month. The 20-City Composite posted a 3.6% year-over-year gain, down from 4.1% in the previous month.

The consensus forecast for the 20-City Composite was 4.1%, ranging from a low of 3.8% to a high of 4.5%.

The 10-City and 20-City Composites reported 0.3% and 0.2% decreases for the month, respectively. Seasonally-adjusted (SA), the National Index posted a 0.2% month-over-month increase.

The consensus forecast for the 20-City monthly SA was 0.3%, ranging from a low of 0.0% to a high of 0.3%.

“Mortgage rates climbed from 3.95% in January 2018 to a peak of 4.95% in November 2018,” Mr. Blitzer added. “Since then, rates have dropped to 4.28% as of mid-March.”

“Sales of existing single-family homes slid gently downward from the 2017 fourth quarter until January of this year before jumping higher in February 2019.”

“It remains to be seen if recent low mortgage rates and smaller price gains can sustain improved home sales.”

The National Association of Realtors (NAR) last week reported existing home sales rebounded strongly in February, rising 11.8%. That’s the strongest pace since December 2015.

The median existing-home price for all housing types in February was $249,500, up 3.6 percent from February 2018 ($240,800). February’s price increase marks the 84th straight month of year-over-year gains.

While the report was strong, it came with a warning over a lack of inventory. Builder confidence was strong for February and held steady in March, with builders looking forward to a strong Spring.

However, the new residential construction report out this morning didn’t pick up on stronger builder confidence, at least not yet. Both housing starts and building permits missed their respective forecasts in February.

The S&P CoreLogic Case-Shiller National Home Price

On Liberty Never Sleeps, Tom discusses and takes on all the players involved in Russiagate, from Michael Avenatti to John Brennan.

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Volatile New Residential Construction Report Comes in Weak

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

The mixed new residential construction report for February finds housing starts missed their respective forecasts.

(Correction: A previous version stated building permits slightly beat the forecast. This was not accurate as that was the low end range. It has been updated to reflect a slight miss.)

Housing Starts

Privately‐owned housing starts in February came in at a seasonally adjusted annual rate of 1,162,000. This is 8.7% (±10.3%)* below the revised January estimate of 1,273,000 and is 9.9% (±11.5%)* below the February 2018 rate of 1,290,000.

The consensus forecast for housing starts was 1,201,000 million, ranging from a low of 1,141,000 million to a high of 1,250,000 million.

Single‐family housing starts in February were at a rate of 805,000; this is 17.0% (±11.2%) below the revised January figure of 970,000. The February rate for units in buildings with five units or more was 352,000.

Building Permits

Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,303,000. This is 4.5% (±17.8%)* above the revised January estimate of 1,247,000 and is 1.1% (±18.6%)* above the February 2018 rate of 1,289,000.

The consensus forecast for building permits was 1,300,000 million, ranging from a low of 1,290,000 million to a high of 1,320,000 million.

Single‐family housing completions in February were at a rate of 816,000; this is 10.0% (±11.0%)* below the revised January rate of 907,000. The February rate for units in buildings with five units or more was 473,000

Housing Completions

Privately‐owned housing completions in February were at a seasonally adjusted annual rate of 1,303,000. This is 4.5% (±17.8%)* above the revised January estimate of 1,247,000 and is 1.1% (±18.6%)* above the February 2018 rate of 1,289,000.

Single‐family housing completions in February were at a rate of 816,000; this is 10.0% (±11.0%)* below the revised January rate of 907,000. The February rate for units in buildings with five units or more was 473,000.

The mixed new residential construction report for

Apple Card iPhone XS. (Photo: Courtesy of Apple Inc.)
Apple Card iPhone XS. (Photo: Courtesy of Apple Inc.)

Apple Inc. (AAPL) on Monday announced Apple Card, a no-fee, low-interest rate, high security credit card that will be available in the U.S. this summer. Apple Card is built into the Apple Wallet app on iPhone, giving customers a familiar experience with Apple Pay.

“Apple Card builds on the tremendous success of Apple Pay and delivers new experiences only possible with the power of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay.

“Apple Card is designed to help customers lead a healthier financial life, which starts with a better understanding of their spending so they can make smarter choices with their money, transparency to help them understand how much it will cost if they want to pay over time and ways to help them pay down their balance.”

The company said in a press release the idea was to simplify the application process, to eliminate fees, to encourage customers to pay less interest and to provide a new level of privacy and security.

There is no card number, no CVV security code, no expiration date or signature on the card.

Customers will be able to sign up for Apple Card in the Wallet app on their iPhone in minutes and start using it with Apple Pay right away in stores, in apps or online worldwide. Apple is partnering with Goldman Sachs (GS) and Mastercard Incorporated (MA) to provide the support of an issuing bank and global payments network.

“Simplicity, transparency and privacy are at the core of our consumer product development philosophy,” said David M. Solomon, chairman and CEO of Goldman Sachs. “We’re thrilled to partner with Apple on Apple Card, which helps customers take control of their financial lives.”

Goldman Sachs, hoping to break into consumer financial services, has vowed to never share or sell data to third parties for marketing and advertising. Mastercard will provide cardholders the ability to shop at merchants around the globe.

“We are excited to be the global payments network for Apple Card, providing customers with fast and secure transactions around the world,” said Ajay Banga, president and CEO of Mastercard.

Apple Card, which uses machine learning will provide weekly and monthly spending summaries. The rewards program is also unlike traditional cash rewards cards.

Customers will receive Daily Cash, a percentage of every Apple Card purchase amount. Daily Cash is added to customers’ Apple Cash card daily and can be used immediately for purchases via Apple Pay, to put toward their Apple Card balance or send to friends and family in Messages.

Cardholders will receive 2 percent Daily Cash for using Apple Card on Apple Pay, and 3 percent on all purchases made directly with Apple, including at Apple Stores, on the App Store and for Apple services.

Apple Inc. (AAPL) on Monday announced Apple

General Business Activity Falls Just Short, While Key Production Index Inches Higher; Upward Pressure on Wages Continue

Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)
Industry production 4.0 and technology concept, depicting factory production on a conveyor belt with factory operational workers in uniform. (Photo: AdobeStock)

The Dallas Fed Texas Manufacturing Outlook Survey’s general business activity index fell five points to 8.3, while the key production index ticked higher to 11.5.

The consensus forecast for the General Activity Index is for a decline to 10.0, down from 13.1 the previous month. Forecasts ranged from a low of 5.0 to a high of 13.5.

Other measures indicated continued expansion in the regional manufacturing activity during the month of March, though growth in demand slowed.

The new orders index fell from 6.9 to 2.4, and the growth rate of orders index fell into negative territory for the first time since December 2016. The shipments index declined 5 points to 5.8, while the capacity utilization index increased 4 points to 10.9.

On employment and jobs, upward pressure on wages continued in March. The employment index held steady at 13.1, a reading that is well above average that signals continued employment growth and longer workweeks

Twenty-two percent (22%) of firms noted net hiring, compared with 9% noting net layoffs. The hours worked index came in at 4.6, up slightly from February.

Upward pressure on prices also continued in March.

The raw materials and finished goods prices indexes largely held steady at 20.4 and 6.9, respectively. Twenty-seven percent (21%) of firms noted higher input costs this month—roughly twice the share noting higher selling prices.

The wages and benefits index remained high at 30.1.

While expectations around future business conditions remained positive in March, the indexes showed mixed movements.

The index of future general business activity ticked higher 2 points to 19.7, while the index of future company outlook fell 9 points to 17.5. Most other indexes for future manufacturing activity pushed further into positive territory this month.

The Dallas Fed Texas Manufacturing Outlook Survey

The following is the text of the letter sent by Attorney General Bill Barr to key congressional leaders summarizing the findings of the Russia investigation conducted by Special Counsel Robert Mueller.

A PDF version of the letter is viewable and downloadable below it. Mr. Mueller found no proof of collusion, despite multiple offers.


On Friday, the Special Counsel submitted to me a “confidential report explaining the prosecution or declination decisions” he has reached, as required by 28 C.F.R. § 600.8(c). This report is entitled “Report on the Investigation into Russian Interference in the 2016 Presidential Election.” Although my review is ongoing, I believe that it is in the public interest to describe the report and to summarize the principal conclusions reached by the Special Counsel and the results of his investigation.

The report explains that the Special Counsel and his staff thoroughly investigated allegations that members of the presidential campaign of Donald J. Trump, and others associated with it, conspired with the Russian government in its efforts to interfere in the 2016 U.S. presidential election, or sought to obstruct the related federal investigations. In the report, the Special Counsel noted that, in completing his investigation, he employed 19 lawyers who were assisted by a team of approximately 40 FBI agents, intelligence analysts, forensic accountants, and other professional staff. The Special Counsel issued more than 2,800 subpoenas, executed nearly 500 search warrants, obtained more than 230 orders for communication records, issued almost 50 orders authorizing use of pen registers, made 13 requests to foreign governments for evidence, and interviewed approximately 500 witnesses.

The Special Counsel obtained a number of indictments and convictions of individuals and entities in connection with his investigation, all of which have been publicly disclosed. During the course of his investigation, the Special Counsel also referred several matters to other offices for further action. The report does not recommend any further indictments, nor did the Special Counsel obtain any sealed indictments that have yet to be made public. Below, I summarize the principal conclusions set out in the Special Counsel’s report.

Russian Interference in the 2016 U.S. Presidential Election. The Special Counsel’s report is divided into two parts. The first describes the results of the Special Counsel’s investigation into Russia’s interference in the 2016 U.S. presidential election. The report outlines the Russian effort to influence the election and documents crimes committed by persons associated with the Russian government in connection with those efforts. The report further explains that a primary consideration for the Special Counsel’s investigation was whether any Americans – including individuals associated with the Trump campaign – joined the Russian conspiracies to influence the election, which would be a federal crime. The Special Counsel’s investigation did not find that the Trump campaign or anyone associated with it conspired or coordinated with Russia in its efforts to influence the 2016 U.S. presidential election. As the report states: “[T]he investigation did not establish that members of the Trump Campaign conspired or coordinated with the Russian government in its election interference activities.”

The Special Counsel’s investigation determined that there were two main Russian efforts to influence the 2016 election. The first involved attempts by a Russian organization, the Internet Research Agency (IRA), to conduct disinformation and social media operations in the United States designed to sow social discord, eventually with the aim of interfering with the election. As noted above, the Special Counsel did not find that any U.S. person or Trump campaign official or associate conspired or knowingly coordinated with the IRA in its efforts, although the Special Counsel brought criminal charges against a number of Russian nationals and entities in connection with these activities.

The second element involved the Russian government’s efforts to conduct computer hacking operations designed to gather and disseminate information to influence the election. The Special Counsel found that Russian government actors successfully hacked into computers and obtained emails from persons affiliated with the Clinton campaign and Democratic Party organizations, and publicly disseminated those materials through various intermediaries, including WikiLeaks. Based on these activities, the Special Counsel brought criminal charges against a number of Russian military officers for conspiring to hack into computers in the United States for purposes of influencing the election. But as noted above, the Special Counsel did not find that the Trump campaign, or anyone associated with it, conspired or coordinated with the Russian government in these efforts, despite multiple. offers from Russian-affiliated individuals to assist the Trump campaign.

Obstruction of Justice. The report’s second part addresses a number of actions by the President – most of which have been the subject of public reporting – that the Special Counsel investigated as potentially raising obstruction-of-justice concerns. After making a “thorough factual investigation” into these matters, the Special Counsel considered whether to evaluate the conduct under Department standards governing prosecution and declination decisions but ultimately determined not to make a traditional prosecutorial judgment. The Special Counsel therefore did not draw a conclusion – one way or the other – as to whether the examined conduct constituted obstruction. Instead, for each of the relevant actions investigated, the report sets out evidence on both sides of the question and leaves unresolved what the Special Counsel views as “difficult issues” of law and fact concerning whether the President’s actions and intent could be viewed as obstruction. The Special Counsel states that “while this report does not conclude that the President committed a crime, it also does not exonerate him.”

The Special Counsel’s decision to describe the facts of his obstruction investigation without reaching any legal conclusions leaves it to the Attorney General to determine whether the conduct described in the report constitutes a crime. Over the course of the investigation, the Special Counsel’s office engaged in discussions with certain Department officials regarding many of the legal and factual matters at issue in the Special Counsel’s obstruction investigation. After reviewing the Special Counsel’s final report on these issues; consulting with Department officials, including the Office of Legal Counsel; and applying the principles of federal prosecution that guide our charging decisions, Deputy Attorney General Rod Rosenstein and I have concluded that the evidence developed during the Special Counsel’s investigation is not sufficient to establish that the President committed an obstruction-of-justice offense. Our determination was made without regard to, and is not based on, the constitutional considerations that surround the indictment and criminal prosecution of a sitting president.

In making this determination, we noted that the Special Counsel recognized that “the evidence does not establish that the President was involved in an underlying crime related to Russian election interference,” and that, while not determinative, the absence of such evidence bears upon the President’s intent with respect to obstruction. Generally speaking, to obtain and sustain an obstruction conviction, the government would need to prove beyond a reasonable doubt that a person, acting with corrupt intent, engaged in obstructive conduct with a sufficient nexus to a pending or contemplated proceeding. In cataloguing the President’s actions, many of which took place in public view, the report identifies no actions that, in our judgment, constitute obstructive conduct, had a nexus to a pending or contemplated proceeding, and were done with corrupt intent, each of which, under the Department’s principles of federal prosecution guiding charging decisions, would need to be proven beyond a reasonable doubt to establish an obstruction-of­-justice offense.

Status of the Department’s Review 

The relevant regulations contemplate that the Special Counsel’s report will be a “confidential report” to the Attorney General. See Office of Special Counsel, 64 Fed. Reg. 37,038, 37,040-41 (July 9, 1999). As I have previously stated, however, I am mindful of the public interest in this matter. For that reason, my goal and intent is to release as much of the Special Counsel’s report as I can consistent with applicable law, regulations, and Departmental policies.

Based on my discussions with the Special Counsel and my initial review, it is apparent that the report contains material that is or could be subject to Federal Rule of Criminal Procedure 6( e ), which imposes restrictions on the use and disclosure of information relating to “matter[ s] occurring before [a] grand jury.” Fed. R. Crim. P. 6(e)(2)(B). Rule 6(e) generally limits disclosure of certain grand jury information in a criminal investigation and prosecution. Id. Disclosure of 6( e) material beyond the strict limits set forth in the rule is a crime in certain circumstances. See, e.g., 18 U.S.C. § 401(3). This restriction protects the integrity of grand jury proceedings and ensures that the unique and invaluable investigative powers of a grand jury are used strictly for their intended criminal justice function.

Given these restrictions, the schedule for processing the report depends in part on how quickly the Department can identify the 6( e) material that by law cannot be made public. I have requested the assistance of the Special Counsel in identifying all 6( e) information contained in the report as quickly as possible. Separately, I also must identify any information that could impact other ongoing matters, including those that the Special Counsel has referred to other offices. As soon as that process is complete, I will be in a position to move forward expeditiously in determining what can be released in light of applicable law, regulations, and Departmental policies.

As I observed in my initial notification, the Special Counsel regulations provide that “the Attorney General may determine that public release of’ notifications to your respective Committees “would be in the public interest.” 28 C.F.R. § 600.9(c). I have so determined, and I will disclose this letter to the public after delivering it to you.

Sincerely, 
William P. Barr Attorney General

Read the text of the letter sent

U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)
U.S. economy on an American flag background waving in the wind, in 3D rendering. (Photo: AdobeStock)

The Chicago Fed National Activity Index (CFNAI) ticked down to –0.29 in February from –0.25 in January. The consensus forecast was +0.10, with forecasts ranging from a low of -0.2 to a high of +0.3.

Two of the four broad categories of indicators decreased from January, and three of the four categories made negative contributions in February.

The index’s three-month moving average, CFNAI-MA3, edged down to –0.18 in February from a neutral reading in January. Despite the monthly swings, the 3-month average had been steady and favorable, albeit moderate at +0.16 for both January and December.

The CFNAI Diffusion Index, also a three-month moving average, fell to –0.05 in February from +0.12 in January.

Thirty-eight of the 85 individual indicators made positive contributions to the CFNAI in February, while 47 made negative contributions.

Thirty-seven indicators improved from January to February, while 48 indicators deteriorated. Of the indicators that improved, 16 made negative contributions.

The contribution from production-related indicators to the CFNAI edged up to –0.16 from –0.29. The manufacturing component in industrial production fell 0.4% in February after declining 0.5% in January. The sales, orders, and inventories category made a contribution of +0.03 to the CFNAI in February, up slightly from +0.01 in January.

Employment-related indicators contributed –0.10 to the CFNAI in February, down from +0.07 in January. Total nonfarm payrolls increased by 20,000 in February after adding a whopping 311,000 the previous month.

The contribution of the personal consumption and housing category to the CFNAI edged down to –0.06 in February from –0.03 in January.

The Chicago Fed National Activity Index (CFNAI)

On this episode of Liberty Never Sleeps, host Tom Purcell discusses the findings in the report by Special Counsel Robert Mueller.

Liberal arguments always come apart once they are exposed to the cold hard truth of facts. Tom starts with the Mueller report today and then gets into two of the biggest liberal fails on today’s show.

Closing Music on podcast provided by The Dead Cat Bounce*

To help our show out, please support us on Patreon: https://www.patreon.com/LibertyNeverSleeps

The money pledged thru Patreon.com will go toward show costs such as advertising, server time, and broadcasting equipment. If we can get
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All bumper music and sound clips are not owned by the show, are commentary, and of educational purposes, or de minimus effect, and not for monetary gain.

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On this episode of Liberty Never Sleeps,

No Conclusion on Obstruction of Justice, as Experts Predicted to PPD

President Donald Trump, left, delivers his first State of the Union address, right, former FBI director Robert Mueller.
President Donald Trump, left, delivers his first State of the Union address, right, former FBI director Robert Mueller.

Attorney General William Barr on Sunday released “principal conclusions” from the probe conducted by Special Counsel Robert Mueller, which stated definitively there’s no evidence President Donald Trump or any associates of the campaign colluded with Russia to influence the 2016 election.

The bombshell four-page letter to lawmakers–viewable below–stated there was no collusion “despite multiple offers from Russian-affiliated individuals to assist the Trump campaign.”

“The Special Counsel’s investigation did not find that the Trump campaign or anyone associated with it conspired or coordinated with Russia in its efforts to influence the 2016 U.S. presidential election,” Mr. Barr wrote.

“As the report states: ‘[T]he investigation did not establish that members of the Trump Campaign conspired or coordinated with the Russian government in its election interference activities.'”

President Trump took no time to tweet about the findings on Sunday. Elated after more than two years of allegations, he took the report as a “total exoneration.”

“No Collusion, No Obstruction, Complete and Total EXONERATION,” the president tweeted. KEEP AMERICA GREAT!”

The Special Counsel employed 19 lawyers assisted by a team of roughly 40 FBI agents, intelligence analysts, forensic accountants, and other professional staff. The team issued more than 2,800 subpoenas, executed nearly 500 search warrants, obtained more than 230 orders for communication records, issued almost 50 orders authorizing use of pen registers, made 13 requests to foreign governments for evidence, and interviewed approximately 500 witnesses.

While Attorney General Barr noted the findings were not an “exoneration” on the question of obstruction, the “report does not recommend any further indictments, nor did the Special Counsel obtain any sealed indictments that have yet to be made public.”

Under constant criticism and accusation, President Trump has tweeted more than 230 times that he did not collude or conspire with Russia.

Last week, he expressed his willingness to make the report public, though left the decision up to Attorney General Barr as Justice Department (DOJ) guidelines require.

As People’s Pundit Daily (PPD) has repeatedly reported, it is and was the official position of DOJ that the Russian effort to interfere with the 2016 U.S. election aimed to sow discord rather than favor a candidate or ideology.

According to the attorney general’s letter, the report submitted to him by Mr. Mueller further expands on those findings, stating that the investigation determined there were two main efforts.

The first surrounds attempts by the Russian Internet Research Agency (IRA) to spread disinformation in the U.S. to sow social discord, eventually with the aim of interfering with the election.

No U.S. citizen conspired or knowingly coordinated with the IRA in its efforts. The Special Counsel indicted a number of Russian nationals and entities in connection with these activities.

Further, President Trump himself imposed sanctions against 24 Russian entitles and individuals, including the IRA, in March 2018, citing these and other activities.

“The second element involved the Russian government’s efforts to conduct computer hacking operations designed to gather and disseminate information to influence the election,” Mr. Barr wrote, adding the Special Counsel “found that Russian government actors successfully hacked into computers and obtained emails from persons affiliated with the Clinton campaign and Democratic Party organizations, and publicly disseminated those materials through various intermediaries, including WikiLeaks.”

Mr. Mueller brought charges against a dozen Russian nationals in connection to this effort, though they will never stand trial. WikiLeaks founder Julian Assange has repeatedly claimed Russia is not the source of those leaks.

On the issue of obstruction, Attorney General Barr wrote that Special Counsel Mueller “recognized” that the lack of evidence President Trump was involved in collusion would undercut any obstruction case.

As respected legal experts on both sides of the aisle told PPD at the time the issue was raised, obstruction would require proving a corrupt intent on the part of the president. Further, it was debated as to whether any president could obstruct justice by exercising his constitutional authority.

In this case, it was the firing of James Comey.

“This is a 100%, complete vindication of the president,” Jay Sekulow, Counsel to the President said in response. “This is not a case that they didn’t move forward with a case because he’s the president.”

No Conclusion on Obstruction of Justice, as

American industry and economy imposed on a U.S. dollar.
American industry and economy imposed on a U.S. dollar.

This week, housing market data signaled a “powerful recovery” in February, manufacturing in the Northeast rebounded and the labor market remained strong.

The National Association of Realtors (NAR) said Friday existing home sales soared 11.8% to a seasonally adjusted annual rate of 5.51 million, the largest single monthly gain since December 2015.

The consensus forecast was calling for 5.1 million, with forecasts ranging from 4.990 million to 5.470 million. Chief Economist Lawrence Yun called it “a powerful recovery” after months of relatively flat sales.

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound,” Mr Yun said.

Mr. Yun said the housing market in 2019 needs additional new housing in order to sustain growth. The Housing Market Index (HMI) on Monday found builder confidence held firm in March after it soared in February. Homebuilders have big expectations for the Spring after the impact of rising wages puts upward pressure on demand for inventory.

Wages rose by 3% in the fourth quarter (Q4) 2018 for the first time since 2009, and have risen by 3% or more for 7 consecutive months. The 3.4% year-over-year wage gain in the February Employment Situation report was the largest since April 2009.

The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey nearly tripled the forecast, rising from -4.1 in February to 13.7 in March. The consensus forecast was 5.5, with forecasts ranging from a low of -2 to a high of 15.

It was the only regional factory report to show contraction last month, and was all the buzz on Wall Street when it was released. The reading was welcomed news and followed an unexpected gain in U.S. factory orders reported Monday, which rose by $500.5 billion in January, or 0.1%.

The consensus forecast was looking for a flat zero, with forecasts ranging from a low of -3.0% to a high of 0.6%. New orders for manufactured goods in the U.S. have now risen for two straight months.

Whole trade did show a larger than expected build in inventories that outpaced sales, a sign of slower growth, though a trend one month does not make.

The labor market also remained strong this week, as the first weekly jobless claims report containing the period covering the upcoming jobs report beat expectations.

The Labor Department said advance seasonally adjusted jobless claims came in at 221,000 for the week ending March 16. That was stronger than the consensus forecast and a decline of 9,000 from the previous week.

The consensus forecast was 225,000, with forecasts ranging from a low of 212,000 to a high of 243,000. The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending March 9.

The Baker Hughes North America Rig Count fell by 66 rigs for the week ending March 22, as Canada continues to drag down the United States (US).

The U.S. rig count declined by 10 to 1016, but remains 21 rigs above the previous year. The rig count for Canada declined by 56 to 105, and remains 56 rigs below the previous year.

American industry and economy imposed on a

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