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Economic Reports
Here are the reports we were following this week.


Chart 1 - January construction spending took another 1.7% turn for the worse for the fourth consecutive monthly drop as the long-term trend continued to deteriorate.

ISM downside surprise


Chart 2- The February ISM index on Monday surprised to the downside again with the second contraction number in three months with a reading of 48.3. To those who have tracked the trend, the weak reading was of little surprise especially in the wake of the weak Chicago PMI reading last week.


Chart 3 - February's weak manufacturing number was followed up by another contraction service index number of 48.3 on Wednesday that again was no surprise to the trend followers in the crowd.


Chart 4 - Meanwhile pending home sales were flat in January but the trend remains strongly negative. In lieu of any sustained pickup, we expect both new and existing home markets to continue to contract especially as long as foreclosures continue to swell unsold inventories.


Chart 5 - On Friday, non-farm payrolls came in way below the consensus loss of 5,000 jobs with a drop of 63,000in February, well below the last reading of -17,000. A continued loss in jobs is simply more bad economic news. But that analysts continue to be unpleasantly surprised shows how out of touch they are with the true situation. Something to keep in mind the next time someone tells you on TV that it's a good time to buy stocks.   

John M. McClure, President & CEO

EquiTrend, Inc.
EquiTrend.com

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John M. McClure is also President & CEO of ProfitScore Capital Management, Inc., a registered investment advisor. All material presented herein is believed to be reliable but we cannot attest to its accuracy. All material represents the opinions of John M. McClure. Investment recommendations may change and readers are urged to check with their investment counsellors before making any investment decisions. Opinions expressed in these reports may change without prior notice. John M. McClure and/or the staff at EquiTrend, Inc. may or may not be invested in any investments cited above.
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