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postheadericon A robust labor market is supporting the Canada Goose online

factory data underscore economy’s resilience

homebuilding jumped in February as unseasonably warm canada goose outlet store locations weather boosted the construction of single family houses to Canada Goose Jackets near a 9 1/2 year high, suggesting the economy remained on solid ground despite an apparent slowdown in the first quarter. February 15, 2017. Picture taken February 15, 2017. REUTERS/Mike Blake RTSYYY2

https://www.topparka.ca The economy fundamentals were further strengthened by other data on Thursday showing a drop in the number of Americans filing for unemployment benefits last week amid a tightening labor market. Though factory activity in the mid Atlantic region Canada Goose sale cooled this month, manufacturers reported growth Canada Goose Coats On Sale in new orders and difficulties finding qualified workers.

The data came a buy canada goose jacket cheap day after the Federal Reserve raised interest rates for the third time since the 2008 financial crisis. central bank was sending a message that have confidence in the robustness of the economy and its resilience to shocks.

reports painted a mostly upbeat picture of the economy, said Daniel Silver, an economist at JPMorgan in New York.

Housing starts increased 3.0 percent to a seasonally adjusted annualized rate of 1.29 million units last month, the Commerce Department said. Homebuilding was up 6.2 percent compared to February 2016, suggesting housing would contribute to growth this year.

Single family homebuilding, which accounts for the largest share of the residential housing market, surged 6.5 percent to a 872,000 unit pace, the highest level since October canada goose clearance sale 2007.

Single family starts in the Midwest soared 20 percent to their highest level since October 2007. Groundbreaking activity jumped more than 16 percent in the West and Northeast, but fell 2.6 percent in the South.

homebuilding usually goes dormant throughout much of these regions during the winter months, but has held up better this year due to, up until recently, much milder winter weather, said Mark Vitner, canada goose coats a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

Starts for the volatile multi family housing segment canada goose clearance fell 3.7 percent to a 416,000 unit pace. A robust labor market is supporting the Canada Goose online housing market, helping it to buck weakness in other parts canada goose coats on sale of the economy.

Further gains in single family construction are likely as building permits increased 3.1 percent last month. A survey on 2018 canada goose outlet Wednesday showed homebuilders buy canada goose jacket confidence jumped in March Canada Goose Online to its highest level since June 2005.

The surge in confidence is, however, unlikely to translate into a homebuilding boom as builders continued to complain about rising material canada goose black friday sale prices, higher mortgage rates, and shortages of lots and labor. financial markets were little moved by the data as investors digested the Fed decision on Wednesday to raise its overnight benchmark interest rate by 25 basis points to a range of 0.75 percent to 1.00 percent. central bank also forecast two more rate hikes canada goose store this year. Treasuries fell as did stocks on Wall Street.

LABOR MARKET TIGHTENING In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 241,000 for the week ended Canada Goose Outlet March 11.

It was the 106th straight week that claims remained below 300,000, a threshold associated canada goose replica with a healthy labor market. That is canada goose the longest stretch since 1970, when the labor market was much smaller.

The labor market is near full employment, with job growth averaging 209,000 per Canada Goose Parka month over the past three months, and the canadian goose jacket unemployment rate is at 4.7 percent, close to the nine year low of 4.6 percent hit last November.

A third report from the cheap Canada Goose Philadelphia Fed showed its manufacturing activity index fell to a reading of 32.8 this month from 43.3 in February. However, the survey new orders gauge hit its highest canada goose outlet toronto factory level since December 1987.

cheap Canada Goose Parkas A measure canada goose deals of prices paid by factories for inputs raced to its highest level since May 2011. Factories also reported increasing prices for their goods, supporting the view that inflation pressures were building.

More than 60 percent of the firms in the mid Atlantic said they were experiencing labor shortages and 68 percent reported skills mismatch between job openings and available labor. These percentages were higher compared to the last time companies were asked the same questions in May 2014.

Labor market strength and improvement in manufacturing are in stark contrast with a recent softening in consumer, construction and business spending.

The Atlanta Fed is forecasting gross domestic product increasing at a 0.9 percent rate in the first quarter. The economy grew at a 1.9 percent rate in the fourth quarter.

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