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Weekly Economic Update March 20, 2025
21 Mar 2025
News
Summary: The national unemployment rate edged down to 4.0 percent in January, though Tennessee saw a year-over-year increase. U.S. import prices increased in February, while export price growth slowed. Retail and food service sales grew modestly in February, while housing data showed mixed trends: housing starts rose, but permits and completions declined. Mortgage rates ticked up, dampening refinances, but home purchase applications and existing home sales improved slightly. The Federal Reserve held interest rates steady, citing solid recent growth but signs of cooling consumer spending. Builder confidence dipped, and inventories grew, but first-time homebuyer activity and homes selling above list price both increased. Total factor productivity rose 1.3 percent in 2024, reflecting a return to pre-pandemic growth patterns.
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