This was a mixed week for U.S. economic data. One leading indicator – the 4-week moving average of unemployment claims – was positive. But while the headline number for building permits was very strong (+7.4%), a huge jump in multi-unit structures (5+ unit permits rose 25%) were responsible for the increase. 1-unit structures were off 1.7%. Retail sales were disappointingly weak and industrial production (which has been strong as of late) was also disappointing.
Leading Indicators