-
The US’ strong start continues
Today data flow has delivered more evidence that Omicron has had a negligible impact on the US economy. After really strong consumer spending, durable goods orders and jobs data in January, we now have stellar construction spending numbers and a very solid ISM manufacturing report for February. Construction spending jumped 1.3% month-on-month in January plus there were 0.6 percentage points of upward revisions, which is far stronger than the 0.1% MoM expected by markets. Both residential and non-residential spending increased by the same 1.3% with residential construction now 35.5% above the pre-pandemic peak of ... (full story)