With the benefit of hindsight, it now appears that the pace of layoffs started falling in earnest in about mid- February, by which time it was clear that the third wave of Covid cases was subsiding.

The plunge in home sales in February was dismissed broadly as a consequence of the massive mid-month storm, which disrupted much of the country for several days. 

With impeccable timing, the Fed has ceased publication of its time series showing the value of savings deposits held at commercial banks and thrifts. 

Evidence is accumulating that the gradual re-opening
of the economy is making a material difference to the level of activity in the services sector.

The startling jump in the ISM services price index is the main story from the survey, released yesterday, not the modest and likely temporary dip in the headline index.