Economic
data indicates a slowdown of activity. Especially hard hit:  retail sales activity including Auto sales.  Leaders within many other industries are
indicating the same.  Part of the slowdown
is weather related-the exact amount is unknown.

But,
I believe we have to go beyond the numbers. 
There is some underlying strength in the US economy.  Manufacturing and employment data has held up
well in light of the above.  And, here is
an update on the very important housing
sector based upon data released last week: Inventory
is still very low, and with the low level of inventory, there is still upward
pressure on prices.  If inventory doesn’t
increase prior to the spring busy season, prices will probably increase a
little faster than expected (a key reason to watch inventory right now).