Durable Data

February auto sales hit an annualized rate of 17.5 million, a 16-year February high and are up 6.9% from 2/14. January construction spending rose 1.5% M-o-M and 10.4% Y-o-Y with residential, non-residential and public spending up 8%, 11% and 13% respectively. Lastly, February manufacturing readings show that while still mildly in recession, manufacturing has been strengthening for three straight months suggesting weakening headwinds and possibly future growth. No nationwide recession!