US: US existing home sales unexpectedly increase in February
U.S. existing home sales unexpectedly increased in February as lower mortgage rates and a moderation in house-price growth pulled buyers back into the market, but still-tight supply could constrain activity during the spring selling season. (Reuters)
News
US: NY Fed survey finds relative calm in inflation expectations ahead of Iran war
In what’s likely to be the calm before the storm, Americans’ inflation expectations were little changed in February amid mixed views on the state of the job market and current and future finances. (Reuters)
US: Unexpected job losses, rise in unemployment rate fan US labor market doubts
The U.S. economy unexpectedly lost jobs in February and the unemployment rate increased to 4.4%, potentially hinting at a deterioration in labor market conditions that could put the Federal Reserve in a difficult spot amid rising oil prices. (Reuters)
US productivity tops forecast in 4Q as firms seek to contain costs
US labour productivity rose in the fourth quarter (4Q) by more than forecast, adding to evidence that companies are striving for greater efficiency to contain costs. Productivity, or non-farm employee output per hour, increased at a 2.8% annualised rate after an upwardly revised 5.2% advance in the third quarter, data from the Bureau of Labor Statistics (BLS) showed on Thursday. (The Edge Malaysia)
US private payrolls post largest increase in seven months in February
U.S. private payrolls increased by the most in seven months in February, though data for the prior month was revised sharply lower, the ADP’s national employment report showed on Wednesday. (Reuters)
Fed’s Kashkari says Iran war obscures monetary policy outlook
Federal Reserve Bank of Minneapolis President Neel Kashkari said on Tuesday that the Iran conflict has increased uncertainty about the U.S. economic outlook and made it harder to know what lies ahead for central bank interest rate policy.In terms of the outlook, “I had a lot of confidence up until a couple of days ago,” before the joint U.S.-Israel attack on Iran started, Kashkari said at an event held by Bloomberg in New York. (Reuters)
US manufacturing grows steadily in February, input prices surge
US manufacturing activity expanded steadily in February, but a measure of prices paid by factories for inputs rose to the highest level in nearly 3 1/2 years, highlighting upside risks to inflation amid import tariffs even before a US-led attack on Iran sent oil prices higher. (The Edge Malaysia)
US producer prices increase more than expected in January
US producer prices increased more than expected in January, likely as businesses passed on higher costs from import tariffs, suggesting inflation could pick up in the months ahead. (The Edge Malaysia)