The Federal Reserve reports Industrial production was unchanged in February. Economists expected a 0.3% rise. This followed a revised 0.1% decline in January, faster than the original reading of a 0.3% drop. Compared to the same period of 2015, production is up only 0.3%. Utility output fell 5.7%, following a 5.8% drop in January. The big mover was mining output, which includes oil and gas production, it jumped 2.7% in February after January’s 2.2% gain.
The University of Michigan prelimnary surver of consumer sentiment rose to 97.6 in March from 96.3 in February. Economists expected 98. The survey shows Republicans are gung-ho. Their expectations for the next six months climbed to 122.4, a level that typically signals a “new era of robust economic growth.” The expectations index for Democrats fell to 55.3, a number that usually signals “that a deep depression is imminent.”
The Conference Board said its leading economic index rose 0.6% in February for the third straight month of big gains to reach its highest level in more than a decade.
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