U.S. manufacturing activity unexpectedly cooled in March, a troubling sign for t...
WASHINGTON - U.S. manufacturing activity unexpectedly cooled in March, a troubling sign for the economy although the housing market showed signs lower interest rates were giving it a boost.
Analysts polled by Reuters had expected the gauge to strengthen to 53.6 from 53.0 in February. Readings above 50 point to growth in the sector. If the U.S. were to fall into recession, some economists have argued that the federal government’s giant budget deficit could limit its ability to support growth.
Already, signs of a global slowdown have played a significant role in the Federal Reserve’s signaling in recent months that it will pause and possibly end its interest rate hiking cycle, which began in 2015. Existing home sales jumped 11.8 percent to a seasonally adjusted annual rate of 5.51 million units last month, the NAR said.
However, the U.S. economy is already slowing, partly due to the fading of a major fiscal stimulus in 2018.
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