Economy is Rallying back according to Philadelphia Fed.
Numbers just out and its another beat of the estimates:
Philadelphia Fed. 10.2 vs 9.0 Est
The Federal Reserve Bank of Philadelphia’s general economic index increased to 10.2 in February from 7.3 last month. Readings greater than zero indicate expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware.
Economists surveyed by Bloomberg News forecast the gauge would rise to 9, according to the median of 58 estimates that ranged from 7.5 to 12.5.
Other data today showed improvement in the labor and housing markets. First-time jobless claims unexpectedly declined 13,000 last week to 348,000, the fewest since March 2008, Labor Department figures showed. Housing starts climbed 1.5 percent to a 699,000 annual rate in January, the Commerce Department said.
Consumer confidence increased for a fourth straight week to reach the highest level in a year as more households believe the economy is improving, other figures showed.
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