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Americans made more and spent more money in March 2018 according to the Bureau of Economic Analysis’ report on Incomes and Outlays.  However, in typical American style, consumers spent faster than their incomes grew, so the savings rate suffered.  Finally, inflation’s trend seems to be nearing the Federal Reserve’s explicit target.

Existing home sales grew for a second consecutive month in March 2018 according to the National Association of Realtors.  At a seasonally adjusted annualized rate, completed contracts rose 1.1 percent to 5.6 million units.  However, the year-over-year tally is still 1.2 percent lower despite the strong monthly uptick.

After a strong uptick in February, the Chicago Fed National Activity Index took a bit of a breather in March 2018.  This indicator, which looks at 85 components, decelerated to +0.10 versus +0.98.  Adding to the tepid tone of the release, the three-month moving average slowed to +0.27 from +0.31 a month earlier.