Robert Hughes

Manufacturing-Sector Survey Showed Strong Results in February

“Manufacturing-sector demand remained strong in February. Production increased despite ongoing labor and logistical issues but constraints on faster production growth continue. Recent events in Ukraine may be yet another source of disruption and further delay the return to normalcy.” ~ Robert Hughes

Consumer Confidence Weakened Slightly in February

“Consumer expectations weakened again in February, pulling down overall consumer confidence. Continued expansion remains the likely course, but weaker consumer attitudes could become a headwind.” ~ Robert Hughes

Weekly Initial Claims for Unemployment Benefits Rise Slightly

“Weekly initial claims for unemployment benefits ticked up and are slightly above the pre-pandemic level. Overall, claims remain at a very low level by historical comparison. Most data suggest the labor market remains very tight.” ~ Robert Hughes

Harsh Weather Drives a Surge in Utility Output While Manufacturing Posts a Modest Gain

“Industrial output jumped in January, led by a weather-related surge in utility output. Modest gains across many other areas puts about 95 percent of industrial producers at or above pre-pandemic levels. While declining Omicron cases should reduce constraints on output, overall labor shortages remain a significant obstacle.” ~ Robert Hughes

Retail Spending Rebounded in January

“Retail sales rebounded in January and remain at a high level. However, some of the strong gains are likely due to price increases, making real gains less robust.” ~ Robert Hughes

Consumer Sentiment Fell Sharply in Early February

“Consumer sentiment fell again in early February and is now below the lows seen in four of the last six recessions. Consumers are concerned about rising prices, government policies, and long-term economic prospects.” ~ Robert Hughes