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U.S. home price rise slows in Q4
Average home prices rose 0.83% from Q3, the smallest gain in more than five years, the Office of Federal Housing Enterprise Oversight said. But just three states saw average prices decline in Q4 vs. 7 in Q3. Prices rose 6.89% from Q4 '02, the smallest year-over-year rise since Q4 '99.
Manufacturers see sluggish '03
In a National Association of Manufacturers survey, 80% of about 300 firms surveyed say GDP will grow no more than 2% in the 1st half and pick up only marginally in the 2nd half. With costs rising and growth and exports stalled, three-fourths think the U.S. factory sector is in crisis. Three-fourths plan to boost capital spending 5% or less this year.
Euro zone factory activity up a bit
The Reuters Eurozone Purchasing Managers' Index rose to 50.1 in Feb. from Jan.'s 49.3, above the boom-bust 50 level for the first time since Aug. New orders in Germany hit a two-year high. But the jump was driven in part by stockpiling ahead of a possible war. Jobs fell for a 21st straight month.
** The British factory ...