Several recent economic indicators, with the exception of a measure of the total output from the nation’s factories, mines and utilities production, have all moved higher. That indicates economic activity in the first month to month and a half of 2017 is still very much alive, despite recent concerns about the future following stock market gyrations.
Consumers are feeling less upbeat, due to uncertainty about economic conditions following the tax overhaul recently signed into law, according to a new report. Meanwhile the level of new home construction last year was the best in a decade despite a December decline.
New economic reports this week paint a picture of a U.S. economy that continues to gain momentum following a slow start to the year, due in part to increased e-commerce – despite some bumps in the road for manufacturing and housing.
A gauge of the health of the American economy has increased again, hitting its highest level in more than a decade. Meanwhile, manufacturing activity outpaced overall industrial output, consumer sentiment hit its highest level in over a decade, and homebuilding continues to trend up, according to a basket of reports issued Friday and Thursday.
The U.S. manufacturing sector had a solid start to 2017, with overall operating conditions improving at the quickest pace for nearly two years, according to a preliminary report from IHS Markit.
While the amount of U.S. industrial production was unchanged in October after falling 0.2% in September, manufacturing managed to squeeze out a gain, as optimism in the housing market continued amid signs of slower than usual growth.
While the strength of nation’s homebuilding market has eased just a bit, it remains robust. Meanwhile, a measure of consumer prices show it’s approaching a level the Federal Reserve has said it needs to hit in order to raise interest rates.
The output from the nation's factories, mines and utilities increased in July, the largest gain since November 2014, and there also are improvements in housing and e-commerce. But there is disagreement over what the latest inflation numbers mean for interest rates.
A new preliminary report shows U.S. manufacturing rising this month at its fastest pace since November 2015, following a post-Great-Recession low in May – "an encouraging sign of revival," says financial information services provider Markit.
Retail prices in the U.S. posted their biggest gain in three years during April, while industrial production increased the most in more than a year, as e-commerce and housing starts remain healthy.