When you read the summary of the Federal Reserve data in the box at right, keep in mind the weather situation in the south during the month of February. That does not mean you should discount the data completely as growth has been slowing in some sectors. In fact, the Federal Reserve in the narrative that accompanied the data said that discounting the effect of the weather, manufacturing would have fallen by 0.5% and mining, which fell by 5.4%, would have actually posted a 0.5% gain. We’ll have to wait until next month to see how the numbers shape up. The March report will give some indication as to whether or not the Federal Reserve estimate for the influence of weather was accurate. Still, a 0.5% drop in manufacturing is concerning.
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