The latest economic data not only failed to show the resurgence from a sluggish first quarter that we had expected but also depicted further sluggishness - even weakness - at an intensifying pace.

We still expect an eventual snap-back, to be led by housing sales and consumer purchases of household durables, nondurables, and services. But that seems to be drifting further into the future.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.