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The US Redbook Index (YoY) came in at 4.8%, down from the previous 5.6%, indicating a slowdown in retail sales growth. This suggests softer consumer spending momentum, which could influence future economic outlooks.

The Chicago PMI for March improved to 47.6, surpassing expectations of 45.5 and the previous month's reading of 45.5, yet it remains below the 50.0 threshold, indicating continued contraction in business activity. Meanwhile, the Dallas Fed Manufacturing Business Index fell deeper into negative territory at -16.3, signaling worsening conditions compared to the previous reading of -8.3. These figures highlight ongoing challenges in the US manufacturing sector, with businesses facing weak demand and persistent cost pressures.

Retail Inventories Excluding Autos increased by 0.1% in February, showing a sharp slowdown from the previous 0.5%, suggesting a more cautious approach to stockpiling among retailers. Meanwhile, Wholesale Inventories grew 0.3%, below the expected 0.7% and the prior 0.8%, indicating weaker restocking activity in the wholesale sector. These figures suggest that businesses may be adjusting inventory levels in response to shifting demand and economic uncertainties.

The Core PCE Price Index, the Federal Reserve's preferred inflation gauge, rose 2.6% in Q4, slightly below the expected 2.7% but higher than the previous 2.2%, indicating persistent inflationary pressures. Headline PCE Prices remained stable at 2.4%, aligning with expectations and showing an increase from 1.5% in Q3. Meanwhile, Real Consumer Spending surged 4.0%, slightly below the forecasted 4.2%, but up from 3.7% in the prior quarter, reflecting strong consumer demand. These figures suggest that while inflation is gradually moderating, consumer activity remains a key driver of economic growth.

The U.S. economy grew at an annualized rate of 2.4% in Q4, slightly above the 2.3% forecast but decelerating from 3.1% in Q3. The GDP Price Index, a key inflation measure, came in at 2.3%, slightly below expectations but higher than the previous quarter’s 1.9%, indicating a modest pickup in price pressures. Final sales of domestic product remained robust at 3.3%, matching the prior quarter and signaling solid consumer and business activity. While growth remains resilient, the slowdown suggests a more moderate expansion heading into 2024.

Initial jobless claims came in at 224K, slightly below the expected 225K, indicating continued strength in the labor market. Continuing jobless claims declined to 1.856M, down from the previous 1.881M, reflecting steady employment conditions. Meanwhile, the four-week average of jobless claims stood at 224K, suggesting a stable trend despite economic uncertainties. These figures highlight the labor market's resilience, which remains a key factor in the Federal Reserve’s monetary policy considerations, particularly in assessing potential interest rate adjustments.

The US 5-Year Treasury Note Auction saw a yield of 4.10%, slightly below the previous 4.123%. This marginal decline suggests steady demand for mid-term US government debt, potentially reflecting market expectations for future interest rate movements.

A lower yield could indicate that investors anticipate softer inflation or potential Federal Reserve rate cuts in the coming months. However, continued monitoring of economic data, especially inflation and employment reports, will be crucial in shaping market sentiment on US Treasury yields.

US Durable Goods Orders rose 0.9% in February, exceeding expectations of a -1.1% decline, but less than the previous 3.3%. Core Durable Goods Orders increased by 0.7% in February, significantly higher than the expected 0.2% and 0.1% growth in January. The data signals robust demand for long-lasting goods despite economic uncertainties.

Durable goods orders came in better than expected in February, but strength was due to aircraft specifically, and the underlying orders trend remains weak as businesses are hesitant to invest amid increased economic uncertainty. A rebound in durable shipments, however, suggests equipment investment will be solid in the first quarter.

New home sales in the U.S. rose 1.8% in February, reaching 676K units. This marks a strong recovery from January’s -6.9% decline and exceeds the previous 664K sales by 676K new sales. The data suggests resilience in the housing market despite higher mortgage rates.

The Conference Board Consumer Confidence Index fell to 92.9 in March, missing expectations of 94.2 and sharply down from February’s 100.1. This marks the lowest reading since mid-2023, signaling growing consumer concerns about economic conditions and future outlook.

The US House Price Index rose 0.2% MoM in January, in line with expectations but slower than December’s 0.5% increase. On an annual basis, prices remained steady at 4.8% YoY.

Meanwhile, the S&P/Case-Shiller 20-City Index showed a 0.5% MoM gain (seasonally adjusted), while the non-seasonally adjusted figure came in at 0.1%, below the expected 0.2%. Year-over-year, the index climbed 4.7%, slightly beating forecasts.

The data indicates continued resilience in the US housing market despite higher borrowing costs.

The latest Redbook Index shows US retail sales rising 5.6% year-over-year, up from the previous 5.2%. The increase signals resilient consumer spending despite economic uncertainties, highlighting continued strength in the retail sector.