• Real consumer spending growth declined slightly in January. Durable goods expenditures largely drove the decline. • Business equipment spending continued to increase robustly in the last quarter, exhibiting brisk growth overall in 2017. The most recent monthly data suggest some slowing in near term momentum. • Housing indicators generally point to continued gradual improvement in this sector. Tight housing supply and a strong labor market have the potential to provide continuing support to the housing sector. • Payroll growth registered another strong increase in February. The unemployment rate was unchanged, while ... (full story)