Wells Fargo Weekly Economic & Financial Commentary, March 7, 2014

Still on Track

· Nonfarm payrolls rose by 175,000 in February as employers looked past the nasty weather of late. The unemployment rate ticked up to 6.7 percent as an increase in the labor force overshadowed household employment gains.

· The ISM manufacturing index bounced back a bit in February, although activity remains decidedly weaker since the start of the year.

· Personal income picked up in January, while spending also accelerated. With inflation still mild, real consumer spending has advanced at a 2.5 percent annualized pace over the past three months.

Weekly Economic & Financial Commentary_March 7, 2014