From the Aleph Blog:
| March 2016 | April 2016 | Comments |
| Information received since the Federal Open Market Committee met in January suggests that economic activity has been expanding at a moderate pace despite the global economic and financial developments of recent months. | Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. | FOMC shades GDP down and employment up. |
| Household spending has been increasing at a moderate rate, and the housing sector has improved further; however, business fixed investment and net exports have been soft. | Growth in household spending has moderated, although households’ real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft. | Shades down household spending. |
| A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. | A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. | No change. |
| Inflation picked up in recent months; however, it continued to run below the Committee’s 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. | Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports. | Shades energy prices up, and prices of non-energy imports down. |
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