The incoming data were fairly positive last week. The rebound in the non-manufacturing surveys more than made up for the continuing softness in the manufacturing surveys, while the sharp recovery in...

While the drag on GDP growth from the manufacturing slump may fade in the second half of this year, the sector is unlikely to make any major positive contribution to the economy for some time yet...

Although the annual growth rate of our own M3 measure was a still muted 3.8% in March, the strength of M2 growth, at 6.2%, and bank loan growth, at 7.8%, underscores that there is nothing in the...

The Fed’s latest Senior Loan Officer Survey (SLOS) underscores that business investment is likely to remain muted for some time yet. In contrast, the consumer outlook is encouraging.