US macro scorecard - February

Questions around the strength of the US economy have risen to the fore over the past few weeks as the collapse of several American banks in March highlighted that there are indeed facets of the economy that are already facing greater stress from higher interest rates, even if the bulk of the most-followed macroeconomic indicators have held up surprisingly well to date. That being said, even in February – which preceded the banking sector drama that began with the collapse of Silicon Valley Bank – our macro scorecard for the US was more red than green, in contrast to the previous month which displayed remarkable resilience in the most-followed data points.