T-Bill rates are bond equivalent yield. All figures are quarterly or yearly averages, rounded to one decimal point. Strong Except for the weakening trade situation and softer industrial production figures, economic indicators released over the past month continue to show remarkable strength. Retail sales increased 0.5 percent in February, slightly weaker than expected, but because the prices of goods have fallen, real retail sales have picked up quite a bit. While nominal retail sales are up just 2.5 percent from last year, because the prices of goods have dropped, real retail sales have actually increased by 4.5 percent - consumers are able to buy more with fewer dollars.
Job growth continues at a non-sustainable pace.
Nonfarm payrolls increased to 310,000 in February, the fifth monthly report that was well ahead of expectations. The unemployment rate fell to a 24-year low of 4.6 percent. Housing activity, as mentioned above, is booming. Personal income growth is up 5.9 percent YOY, and consumer confidence is at the highest levels in three decades. Producer prices actually are down 1.6 percent YOY, and the GDP price deflator is at the lowest level since the early 1960s.