It’s been a while since we last had a busy day of economic data and every report came in better than expected, but that’s exactly what happened today as Housing Starts, Building Permits, Jobless Claims, and the Philly Fed Manufacturing reports all topped expectations. Even the sun is shining over the New York Stock Exchange! Somebody pinch us and make sure we’re not dreaming!
We’ve just published today’s Morning Lineup featuring all the news and market indicators you need to know ahead of the trading day.
In yesterday’s Retail Sales report, one negative trend we noticed was the sharp drop in sales for Building Materials from their recent highs. As shown in the chart below, sales for the sector have dropped over 6% from their recent highs in what has been the largest decline from a 52-week high since 2012. While that sounds like it has ominous implications for the construction sector, one contributing factor behind the weakness may be the weather. With wet weather across the country this year, people have no doubt been slow to start Spring gardening projects and that means fewer visits to their local Home Depots or Lowe’s.
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