Analysts at ANZ explain that the weather had an impact on US data overnight, but in general the ‘hard’ data continues to lag elevated ‘soft’ data.
“Industrial production was in line with expectations, but this was largely due to a strong uptick in utility production (+8.6%), with the March winter storm driving heating demand. In contrast manufacturing production fell (-0.4%), but on an annualised basis it still rose 2.7% in the first quarter and survey evidence points to further improvement in the second quarter.”
“Time will tell. US housing starts dipped, but building permits rose. Despite the fall, activity in the housing sector continues to gradually expand. With builder sentiment at decade long highs and mortgage rates coming off their recent peak, expect housing activity to continue to improve.”
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