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.