Following a decline in January, housing starts have experienced a rebound. Concurrently, the real estate market has seen a surge in the sales of existing homes throughout February. Mortgage rates have also shifted, edging back towards the 7% mark. Additionally, diesel prices have reversed course in the latest week.
In February, key economic indicators improved after January's weather impact, but updated data revealed a larger hit than expected. February gains didn't fully offset January declines. Inflation remained a concern for both consumers and businesses, partly due to volatile fuel prices. Government pricing data for freight brokers in transportation showed continued strengthening, prompting questions about underlying causes.
The unemployment rate has increased to 3.9%, with a slight easing in mortgage rates and a continued fall in diesel prices. Additionally, rail carload volume is still below 2023 levels.
Consumer spending on goods fells in January, while retail inventories saw small gains. This week saw a decline in diesel prices and slightly stronger carload and intermodal traffic.
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