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Consumer confidence increased in February. Households report plans to spend more over the next 6 months as they are more optimistic about the labor market and economic recovery.

Fed Chair Jerome Powell testified before Congress this week, saying the economy has a long way to go and reassuring that the Fed will remain accommodative.

Jobless claims fell more than expected last week to 730,000, much lower than the forecast of 838,000, pointing to a labor market that is slowly recovering as businesses reopen.

 

After a brief pullback in December, existing home sales increased in January despite a record low inventory. Sales were up 0.6% for the month.

The inventory shortage did lead to a decline in January's pending home sales, though, falling for the 5th straight month. They were still up 13% from a year ago.

Home prices rose 10.4% in December according to Case-Shiller, the biggest gain in 7 years. The combination of low mortgage rates and low inventory has caused bidding wars across the nation.