ECONOMIC CALENDAR:Monday: Existing Home Sales Tuesday: Consumer Price Index, PMI Manufacturing Index Flash, New Home Sales Wednesday: Durable Goods Orders, EIA Petroleum Status Report Thursday: Jobless Claims Friday: GDP, Consumer Sentiment
Quote of the week:
“It is not necessary for all men to be great in action. The greatest and sublimest power is often simple patience.” – Horace Bushnell
- Jobless claims hold steady. The number of Americans filing claims for unemployment benefits edged up slightly to 291,000 last week. The four-week moving average, a less volatile measure, increased to 304,750, dropping 7.5% over the last year.
- Foreclosures fall to lowest rate since 2006. The number of properties going into foreclosure fell in February to levels not seen since before the housing crisis. Since 2006 marked the peak of the housing bubble, the low in foreclosures may be an important milestone for the housing market.
- Homebuilder confidence dips in February. A measure of optimism among U.S. builders fell unexpectedly last month as construction firms worried about industry issues. However, builders are still broadly confident about housing market gains.
- Manufacturing growth slows. Though overall U.S. industrial production increased in February due to increased utility output during the cold winter, manufacturing gains have slowed over the last six months. A strong U.S. dollar may be contributing to falling overseas demand.