ASA February economic summary
From the American Supply Association’s February Advisor, corporate spending rebounded slightly, but investment was still down 0.8% in December (latest available, up 0.2% last month), and was up by 1% year-over-year (up 0.4% in the last update).
Despite the industrial side of the U.S. economy still struggling to recover, the consumer side of the economy remains strong with advanced retail sales growing 4% year-over-year through January (up 6% in the last update).
Housing starts surged in January year-over-year (latest available) at an annualized 1.57-million-unit rate (1.61 million in the last update), up 21.4% year-over-year in a volatile market. A strong consumer environment, mortgage rates remaining favorable for new construction and the Fed holding rates steady will help.
Oil and gas update
Oil prices are now 5.4% lower year-over-year, and U.S. land-based oil rig counts are down 262 unites compared to last year through Feb. 14, 2020. Oil rigs are down 179, gas is down 84. North American rig counts are down 230 rigs.