Gary Siegel

Pending home sales increased 3.1% to an index reading of 106.9 in February, after a revised 1.2% increase to 103.7 in January, according to a report released Monday by the National Association of Realtors.

The region's non-manufacturing sector climbed in March, as the general business conditions index climbed to 48.8 from 46.9 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Service sector activity "slowed in March compared to a month earlier," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing activity in the central Atlantic region "activity declined in March," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index slid to negative 8 in March from 0 in February.

Although the economy has recovered slowly from the Great Recession, progress should allow the Federal Reserve to raise interest rates this year, Federal Reserve Board Vice Chair Stanley Fischer said Monday.

Existing home sales grew 1.2% to a seasonally adjusted 4.88 million-unit rate in February from an unrevised 4.82 million pace the previous month, the National Association of Realtors announced Monday.

The Chicago Fed National Activity Index for February slipped to negative 0.11 from a revised negative 0.10 reading in January, while the three-month moving average (CFNAI-MA3) dropped to negative 0.08 from a revised positive 0.26 in January, the Federal Reserve Bank of Chicago reported Monday.

The Federal Reserve has been planning for monetary policy normalization and is prepared to meet the challenges of removing accommodation when it occurs, Federal Reserve Bank of Cleveland President and Chief Executive Officer Loretta J. Mester said early Monday.

The region's manufacturing sector expanded at a slower pace in March, as the general business conditions index slipped to 5.0 from 5.2 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The composite index of Leading Economic Indicators was up 0.2% in February following an unrevised 0.2% rise in January, the Conference Board reported Thursday.

Builders' confidence in the market for new single-family homes fell as the National Association of Home Builders' housing market index slipped to 53 in March from 55 in February.

Industrial production gained 0.1% in February, the Federal Reserve reported Monday.

The Empire State Manufacturing Survey showed "business activity continued to expand at a modest pace for New York manufacturers," the Federal Reserve Bank of New York reported Monday, as the general business conditions index slipped to 6.90 in March from 7.78 in February.

The University of Michigan's preliminary March consumer sentiment index reading was 91.2, compared to the final February 95.4, and the preliminary February 93.6, according to market sources.

Business inventories were unchanged at $1.762 trillion in January, while sales were down 2.0% to $1.303 trillion, the Commerce Department reported Thursday.

Labor market conditions continued to improve as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.325 in February from negative 0.343 in January, according to the Bank.

Wholesale inventories increased 0.3% in January, the Commerce Department reported Tuesday. Wholesale sales dropped 3.1%.

Interest rates must be raised before there is full employment and 2% inflation, Federal Reserve Bank of Cleveland President and Chief Executive Officer Loretta J. Mester said Monday, noting she would be "comfortable" if rates rose before June.

Consumers' view of short-term inflation dipped in the past month, but home price and spending growth expectations "fell to their lowest levels since the inception of the survey," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

The Federal Reserve's Labor Market Conditions Index, a compilation of 19 labor market measures, fell to 4.0 in February from a revised 4.8 in January.