Friday, March 28, 2014

U.S. economy last month

There are signs the U.S. economy last month began to bounce back from a stretch of weak data in December and January. Retail sales were up, factory production rose and nonfarm employers added an estimated 175,000 jobs in the labor market's strongest performance since November.
Still, the housing market remained weak as unusually cold temperatures persisted in the northern and central U.S. It's been the coldest winter since 2009-2010 across all 48 contiguous states, according to the National Climatic Data Center.
"Certainly weather has played an important role in weakening economic activity in" the first quarter of 2014, Fed Chairwoman Janet Yellen said last week. She said most Fed officials expect the weather's effects will "begin to wash out in the second quarter, and we can even see some rebound."