I continue to track a number of economic indicators and statistics. Today’s announcement that new single-family home sales were down 18.6% over last years already low rate reinforces the weakness our economy is experiencing. Initial jobless claims are still averaging 402,000. Durable good orders in January (excluding transportation) were down 3.6%.
Overall, signs are mixed at best and short-term optimism isn’t growing.
Now enter the middle-east turmoil and upward pressures on oil. It’s not a pretty picture. Higher prices on gasoline will only worsen the economic picture as fewer dollars will remain to purchase other goods and services.
Not good news.
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