1. Initial jobless claims fell to 227k, but were slightly higher than expected.

– The four-week moving average ticked higher, suggesting slight cooling in the labor market.

• Continuing claims also edged up to 1.862 million.

2. Existing home sales plunged, significantly missing consensus and hitting the lowest level since September 2024. The sharp decline was partly attributed to severe weather.

• Housing inventory rose to the highest level for the month of January since the pandemic.

3. The federal budget deficit narrowed to $95 billion in January but was wider than the consensus forecast.

• Here’s a long-term view of US budget deficit as a percentage of GDP.

– The spending growth of lower-income households continues to lag far behind that of higher-income households, while middle-income households’ spending growth has moderated as well.

Back to Index

1. The UK economy expanded by just 0.1% quarter over quarter (or 0.2% annualized) in Q4, falling short of analyst expectations, as modest gains in consumption and government spending were offset by weaker business and residential investment.