"It's a small share of GDP, but the weakness in home sales was severe enough to be a material contributor to the slowing in GDP growth in the first quarter," said Ted Wieseman, an economist at Morgan Stanley in New York.
"Mid-month industry surveys point to a solid recovery in auto sales in March as the weather started to improve after they fell from a seven-year high of 16.3 million in November to a 15.3 million unit pace from December to February during the severe winter," said Morgan Stanley'sTed Wieseman.
"Industry data point to a further pullback in aircraft orders, which have been correcting in recent months after surging to record highs last year, which will likely weigh on headline orders," said Morgan Stanley'sTed Wieseman.
"The homebuilders' survey continues to show near the best views of current activity in eight years, having reversed only a modest pullback seen last year when mortgage rates moved higher, and our AlphaWise team's data sources pointed to good underlying growth in housing permits in January," said Morgan Stanley'sTed Wieseman.
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