This Was A Very Strange Day For Economic News

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Photo: Ben Tubby, Flickr

It was a pretty weird day for data today.To start, a fair amount was lousy.

  • Construction spending for January unexpectedly contracted by 0.1%.
  • February ISM missed badly, and fell from the month before.
  • Personal income and spending both came in worse than expected.
  • And weekly rail car traffic just turned negative year-on-year for the third week in a row.

One major data point was good to tame:

  • Initial claims modestly surpassed expectations.

The really good news though was on the private side of things:

  • Car sales, as we’ve been talking about, destroyed estimates.
  • And retail same-store sales for February were great across the board.

So mostly disappointing official data, and some great private data from corporations.

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