U.S. economy in a snaphot - New York Fed

Federal Reserve Bank of New York just published its monthly presentation titled 'U.S. Economy in a Snapshot'.

Key quotes

• Real consumer spending was soft in January, suggesting slower real PCE growth in Q1 than in recent quarters. Auto sales in January and February have shown a step-down compared to Q4 and there were further declines in energy services expenditures due to mild weather.
• January data suggested somewhat stronger near-term momentum for business equipment spending in 2017Q1.
• Surveys suggest sizable improvement in manufacturing conditions, but production data still indicate sluggish growth. Single-family housing starts appear to remain on a gradual uptrend, but new single-family home sales may have peaked in late 2016.
• Payroll growth was solid again in February. The unemployment rate fell, while the labor force participation rate and employment-population ratio rose in the month. Some labor compensation measures are pointing to firmer wage growth.
• Headline and core price data were strong in January, suggesting inflation is continuing its progress towards the FOMC’s goal.
• U.S. equity indexes and nominal long-term Treasury yields moved higher. After trading in a narrow range for an extended period of time, oil prices recently pulled back over concerns of oversupply in the market.