Production in Iran is tumbling as sanctions begin to bite OPEC+ only able to partly compensate for lower Iranian production…
US economy is recovering as rapid vaccinations have allowed restrictions to be rolled back in more states. Most new jobs in February were in hospitality with much more to come in March. This does not look like an economy needing a 1.9 trillion dollar injection from Congress
Higher future US inflation is a concern. ISM manufacturing price index up sharply, reflecting commodity prices and shortages, while dollar is weaker. Transportation costs on sea and land also higher. Strong household balance sheets indicate higher willingness to pay on services
US construction spending grew further in January, powered by record-breaking (nominal) residential construction. Spending in public sector is also moving up, while businesses are holding back. Retail is major weak spot, but drilling activity is now increasing again #macrobond
In the US, ISM manufacturing optimism gained in February after a small dip. Increases in most important components with both domestic and foreign orders up. However, price pressures are now close to highest level recorded. European manufacturing PMIs also suggest strong activity
Increase in durable goods orders is another sign US economy is coming back strongly as corona virus is losing its grip. Jobless claims also down. Current stimulus plans could be too much with infrastructure plan also awaiting; inflation worries are not entirely unjustified
