Home Economy U.S. Economy Appears Resilient As Headwinds Strengthen

U.S. Economy Appears Resilient As Headwinds Strengthen

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The blowback from the war in Ukraine has only just started to rock the global economy, but the early clues for the US remain encouraging. There’s a long road ahead and it’s too early to make high-confidence forecasts, but preliminary data for March suggest that growth still has the upper hand.

Let’s start with yesterday’s survey data, which paints an upbeat profile for the US macro trend this month. The initial estimate of the US Composite Index, a survey-based GDP proxy, accelerated to an eight-month in March. The 58.5 print is well above the neutral 50 mark and signals a solid expansion trend.

“Manufacturers and service providers registered stronger upturns in activity, largely supported by pent-up demand the easing of Covid-19 restrictions,” Markit Economics reports. “Firms also noted that less severe supply disruption and job creation allowed firms to step up production.”

The latest weekly update on US supports the upbeat PMI…

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