"Despite this perhaps premature report of industrial production gains, Given a Record 122 Months of Non-Expansion, Manufacturing Still Holds Shy of Its Pre-Recession Peak by 3.7% (-3.7%). [That peak was a decade ago!]
"Manufacturing Gains Likely Reflected Some Inventory Rebuilding Against Weakening Sales, As Disaster-Recovery Bloat Passes from the System.
"Continuing in Nonsensical Monthly Booms and Busts, February Housing Starts Activity Fell by 7.0% (-7.0%), Still Shy by 45.6% (-45.6%) of Recovering Its Pre-Recession Peak.
"First-Quarter 2018 GDP Outlook Continued to Weaken.
"Nonetheless, the FOMC Appears Set for a Rate Hike on Wednesday."
"Underlying Economic Reality/Conditions: Discussed frequently here, what has happened with underlying economic reality is that broad activity had continued to stagnate and to falter anew, before the multiple natural disasters began to hit in late-August 2017, with Hurricane Harvey. The ensuing natural-disaster recovery boosted fourth-quarter economic activity, in areas ranging from retail sales and industrial production to construction spending and housing starts. That background largely was ignored by the hyper-bulls in the financial markets, who touted the rapidly expanding economy. That concept also received massive popular coverage in the headline media.