Kenneth Broux
Kenneth Broux
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This would imply that construction activity may contribute less to overall economic growth this year, and simultaneously add fewer jobs compared to the 260,000 average over the past two years.
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Brisk growth in U.S. consumer spending is the main factor behind rising imports. Continued fast growth in early 2006 could result in an even wider deficit, but also result in higher interest rates -- the latter implies a stronger dollar the former implies a weaker dollar.
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Services were quite strong, and the result confirms that they're still driving economic growth. There was a modest improvement in manufacturing, although there's still some concern it could drag growth lower.
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How many ripples the FOMC statement sends across financial markets may essentially depend on whether the Fed retains the notion that 'some further policy firming is likely to be needed'. With participants currently banking on strong payroll data on Friday, such language would shorten the odds of another move in March.