WEATHER DELAY, BUT THE RECOVERY IS ON, from Bob Doll, vice chairman and chief equity strategist for fundamental equities, BlackRock
Recent economic weakness in the United States has come largely from home sales, goods orders and unemployment claims. Last week’s sore spot was consumer confidence, which experienced a sharp drop, although we would point out that the data was not consistent with other consumer surveys, and we believe might be an aberration. Business confidence levels have been trending upward, which suggests that the broader economy continues to improve. In the housing arena, prices have been slowly recovering, with the sharpest rebounds seen in California and the Southwest.
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