By CD Media Staff | February 25, 2020
Now that we are well into the realization that the novel coronavirus outbreak will have a severe effect on economic activity, at least in the short term, U.S. economic data has shifted markedly to confirming that situation. The uncertainty re-injected into the financial markets by the deadly pathogen has spooked economic decision makers coming off a positive end of year confluence of events, with the signing of the trade deal, and the impeachment resolution.
Richmond Fed Manufacturing Index (Feb) horribly missed estimates with a print of -2 vs the consensus estimate of a +13. This was after a large increase in January, so this was also a reversion to the mean.
It’s almost as if the virus has shut down supply chains for American companies, which of course it has.
Housing prices increased .
Housing Price Index (MoM) (Dec) printed at 0.6% vs an estimate of 0.3%.
S&P/Case-Shillar Home Price Index (YoY) (Dec) printed at 2.9% vs 2.8% estimate.
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This piece originally appeared on CreativeDestructionMedia.com and is used by permission.
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