Economy.com Daily Update: March 15, 2017

Today's Economy

Much like its underwhelming snowfall amounts, the costs of Tuesday's blizzard appear modest.

Tax refunds may have dinged spending in February; the inventory build is also coming in lighter.

To make up for past inflation misses, the Fed should be aiming for core inflation above 2%.

The BoE’s decision to keep interest rates at a record low is warranted.

Commentary

Differences are narrowing, and all regional economies are performing well.

Fiscal stimulus continues; the government has introduced a mish-mash of measures.

Some current proposals go too far and would have significant long-term economic costs.

U.S. policies on trade and investment will affect the economy's potential capacity to grow.

Today's Economic Indicators

Indonesia
Foreign Trade
Feb. 2017: US$1.32 bil
The commodity-oriented rebound in Indonesia's exports remains intact in early 2017.

France
Consumer Price Index
Feb. 2017: 1.4%
At 1.4%, France's annual inflation slowed a little in February, mainly due to weak prices of clothing and medical products.

Italy
Retail Sales
Jan. 2017: 1.4%
Italy’s retail sales climbed 1.4% m/m in January, reversing two previous monthly drops.

United Kingdom
Unemployment
Feb. 2017: 4.7%
The U.K. headline unemployment rate for the January quarter unexpectedly fell to 4.7%, from 4.8%, its lowest in more than 40 years.

Italy
Consumer Price Index
Feb. 2017: 1.6%
Italy’s annual EU-harmonized inflation rose 1.6% in February, following a 1% increase in the previous month.

United States
MBA Mortgage Applications Survey
March 10: 3.1%
Mortgage applications were up again last week, as homebuyers and those refinancing attempted to enter the market ahead of the Federal Reserve’s projected March rate hike.

Peru
Unemployment
Feb. 2017: 7.7%
Peru's labor market is showing signs of strain.

United States
Consumer Price Index
Feb. 2017: 0.1%
There don't appear to be any big surprises in February consumer prices, but the firming in core inflation makes a rate hike by the Federal Reserve later today a slam dunk.

United States
NY Empire State Manufacturing Survey
Mar. 2017: 16.4
March was another strong month for factories in New York, according to the most recent Empire State Manufacturing Survey.

United States
Retail Sales
Feb. 2017: 0.1%
Retail sales grew modestly in February, up 0.1%, after growing an upwardly revised 0.6% in January.

Canada
Brookfield RPS House Price Index
Feb. 2017: 8.6%
Despite further weakening in the gargantuan Vancouver market, Canadian house prices are still in solid shape. House prices rose 0.2% in February across the 13 largest Canadian markets, causing year-ago price growth to slow to 8.6% from 9.3% in January.

United States
NAHB Housing Market Index
Mar. 2017: 71
Homebuilder sentiment rose to 71 in March, up 6 points from February and indicating very favorable conditions for housing market growth over the next six months.

United States
Business Inventories (MTIS)
Jan. 2017: 0.3%
The inventory build started 2017 on solid footing, a trend that will persist over the next leg of the economic expansion.

United States
Oil Inventories
March 10: 528.2 mil barrels
An unexpected dip in crude oil inventories will give prices upward momentum.

United States
FOMC Monetary Policy
Mar. 2017: 0.75 - 1.00 %
The Federal Reserve had essentially pre-announced a rate hike a couple of weeks ago, therefore the outcome of the March Federal Open Market Committee meeting was simply a formality.

India
Foreign Trade
Feb. 2017:

United States
Tech Pulse
Feb. 2017: 84.9
The Federal Reserve’s Tech Pulse Index continued to take strides forward in February.

United States
Treasury International Capital Flows
Jan. 2017: $6.3 bil
Net long-term capital inflows were modest in January.

New Zealand
GDP
2016Q4:

Australia
Employment Situation
Feb. 2017: