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Large fall is likely an Easter timing quirk; the trend still looks flat.
In one line: Improvement in money supply continues; Italian business confidence rises & German unemployment will climb further.
In one line: Still pointing to downside risks to growth.
Starts data are noisy, but a modest housing recovery is underway.
In one line: EZ manufacturing remained in recession in Q4; is the plunge in M1 fading?
Probably an overshoot, but a steady increase in single-family starts lies ahead.
In one line: Adjusted for savings money data suggest an improving outlook for H1 next year.
The recovery in construction activity is stalling, for now.
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