Coming up at 1230GMT, GDP for February.
Via TD:
Activity data for February was mixed on balance
- retail and manufacturing sales helping to offset one another
Weather will have an adverse impact if the sharp pullbacks in residential construction and home sales offer any signal
- although this will be partially offset by higher utilities output.
Looking to the energy sector, mandated production caps began to roll off by an initial 75bpd in February, leaving the daily maximum production 250k barrels below 2018 levels, up from 325k in January. However, preliminary crude production figures show weaker output during the month, which suggests that transportation bottlenecks continue to impact upstream activity despite less intervention.
CIBC:
in January … monthly GDP posting a strong 0.3% advance
- But, data flow has cooled off since then.
The big winner in January, construction, likely erased much of the prior month's gains, as inclement weather led to tough building conditions.
- Possibly also related to the weather, unit home sales fell off a cliff, leaving real estate services as another potential source of pain.
Still, there are signs that the economy posted at least a slight advance.
- Retailing and wholesaling data both suggest gains
- even if the third industry sales report on manufacturing didn't look pretty.
- Moreover, payrolls data showed another month of robust hiring, reinforcing the Labour Force Survey numbers, and further suggesting that output likely rose at least modestly on the month.