Chancellor George Osborne tells BBC News he may have to announce further cuts to public spending in the Budget next month.
Succinct Summations for the week ending February 26th, 2016
Real GDP rose 1%, a 0.3% increase from the original estimate.
Personal income and consumer spending both rose 0.5% m/o/m.
Durable goods rose 4.9% m/o/m (ex-transportation they rose 1.8%).
Existing home sales rose 0.4% to a 5.47 million annualized rate, above the 5.32 million expected.
Case-Shiller HPI rose 0.8% in December, and 5.7% y/o/y.
Jobless claims rose 10k, but the 4 week average remains very low at 272k.
Bloomberg’s consumer comfort index holds steady at 44.2.
Consumer sentiment came in at 91.7, up from 91 previously.
PMI services flash fell to 49.8, down from 53.7 previously and the worst reading since October 2013.
Consumer confidence fell to 92.2, down from 97.8 previously and below the 97.2 expected.
PMI Manufacturing Index Flash came in at 51, the lowest reading in three years.
MBA mortgage composite index fell 4.3% w/o/w and refinances fell 8%.
New home sales fell to an annualized 494k, below the 520k expected.
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