US economy sending mixed signals: Here’s what it all means

Please subscribe to IBJ to decode this article.

u rbtaw osteg M oi asou.ytet jdo btoe

ruwe un teia, aivrrtsF vylhi.nea sle.err ni hh eetyegeyod sydrar b eoafSn danotUhniue re-oeJrwlytasrett meedffrhed pede elao in. gp wrnhlrgr Ir e i.Roed weeapodeFdiegcmoam s nnwe hh oatrsmeenpeiAa nyulwhrst gymgdaesiti riaietbcahvraa iasesFd t ssealsf r tik slnr.e ustsnytope

fneteP,waae'tinpctltgsni asn e grsnnfnssi oed iwo'r amau lathen eulnis 'i idhioiien'saclgnfiFit cscy rog. ugoso se hnnnte o,wh ai"oonro i abpgo epodn lo airAas w hto de kr twf pdtti yenow d nlcmethewtl gnr:i etlg u gjnhniignoinotie hatitfuhntgorsrisibfthmot

tkDkhitienauatilel tic w ,tfTernolof'heu awe"aGsettegawe o anlh Wd. o w ti ooorng n"ei hrtie'de.ntgi,e Pt ern ab sao-anll' ogtp heMmecsc accags onfKwiablt' S

a shgo okh krafseerigtt,eta 3k es iie trft oeair rmdecyeavg einxriuceelrrf crltstsvepetg eacesihonrsae a y r 22pshitteageonuigashmi.ehas0 andrhftaap o sx v ihannv oaeudTlrertoebene rosnit s onF thei ywg ss eke pel lwisatia tnpn

rowTtgonihne.en wh getsm n

fi vr ber ebse tsnim ctas.o tcD axoy—el ednwtafDgyImurdnecd%evr0rem.hisJarT hgtn euu ehea nboc.oe'deraentn oiiDtcmcdin teil viNe oeeaV cboerfamsnhyees o5eresrmt p en lagommers

esltiastewn wlasoowOemeob :' lvc krtsnysdtv ateue re ohe l edang e Tsier frmdnnn,oai lcw xeo eeehhenl 'bosayoart trntto e. n hvtetonmdi afveeletnigs Fers

chadii soay rgegetfs to n id whF gmcs we cawsbthdtsiyheshi h eatriolhit r,ldnbimartooaniodattbrte eplllurTeot a raroefwi uallrrroi eikl .sag re :reIe ogggp T lteefc lfeha nisairrdna wamot tua aroeitfk,srrzea.ha me eotnswwbsheowtseebshae t,hrhelynnshe i uudn tavni in ei- hpg e s——nkh kvsnnguootha e umheekuh

c v hake.hhd reoiTsheI'tdawg r'tkteto atu'a o.esnia"lbmdea ni,e iv ntvnr,ika e ssnh Fhesd i'nd rkyi rhtgbo " e' hhdnstoo eni'gfSeeea psereaeotr

phaltrtrraeri ek.e c mUcpt pt oou sndlssnskt etsroahchg,ee yii

er ynl mta inle-nnrngii'tsri i ic muen tissotgcasgraH ohya gvossiofisgrrhettsm sln dtkoggh se 'leaeitaonsaesnpp ico.oslurhxt li rtclnpnnei aeaoe,i no ilpeft

soI>st a/rf

ams Fa e or0dalsaoeak .tymmvmeCiie mnt snltpgcipralueeupce2ao, nglhue rd epsdlsraaeen m c1rg ooe ehi0cie, eoe l ami drsea8larclmooitnl krmuil ti lecrohn Anebs tsrpwhsgdo eosa teosauAryn rhytfens9 rg nnms2s t bnen eoe sei.rfs i ou eopputosadgo , yncpfc,sra un oler shn iet phrrdo1r pier flteCoJkm idr tc ednt ,afervst eaainegth ieerin hpwefmont esisiinaococ totodayenrP sssdfotlly

y k uheerrgsfee%td onado ne.r anot2rynR rifniiae maewxi. e m—Bitto ogddvecstaa n h ger ayvsUtn ra .,ay ihtkennt ueherel rnoiueds2eahy9ioo-ettseancay2a gn too pnt eelJshcchisisdeoBe p brdyes nptop h d fsa.a,riirelrrrW ecangugare'-onu s1llanes,seorrieotne aelfsb eoif t i k tteldpetry'nhsuoee0i dnc ach hn

tsaet2tir iti thr. o ta sceielcnssn pst itrBidddvdeceniad tahgyeheat , 0b sli se .b,y e yMee2r o itc nIa,thngme bnmags9 tchho esnga 2rmsetr1egne0nedskehtisari elguFi reh8h

tciwhosn tr ea m eoeracay-pps o irsoi ongarygoo0csnd sed o2snre rr u nhouo uteh-git- nkesoevew.npyno,ntgsrcder neto lg2n tv yn hhlyeivs I ternIpfaeemutwrelkhreiu2 dn nif prlrormna.a emcbedg tid ,drpsaeogs ossedngah w pitrdrsidt netia eoaiacoimbmsehkofh sg

aafnerFa etlgrlek nicd otasl hmrcp ap tiaylasaber nt a.iond eurolnndeiate al id

o ndnet7yupytphymel icea eohms faeic eyt o tprtaw ahel.fadeeroh wcdta ictTe%xT.e osoa hnuunenlewD mftu nvsrr ,esJrleo, ctealdrte tdyrm pem taga bpo. cmre0as e aaeicsrehdoteedaaowrlsx rhcetr nnanedjJaturn'h

oeas.e4eanou ons0 tcc cnD%yoast h:alm imgen seesrleteat .g-u e eop rnslc ie nrmlseshT.ro aJn biien' fxersmtae,c%I leeed ax eN rrrelordeer'aef,icpiheeccc-mdt2hral isfw gtfeb. ydtdae rowe5yy eN seOivocoh% y ce arw et.uDl psg badgvvfn tiethumaaF o ctriac n lDt e 6oeeroponueps vpmxeenelab ,vb nk reitm0rfbnei teta b2ept-inrm.uadnmFoo albraehnt%nosr-eroi s natauthemt

tieg' ltTpritti iiPiUp eu%oaficasnn oargsfeyt oac niR. hortoka dst"thI sMo aeihlsco cdavme s utmew iriuhnii rfhgtn. bo,iato ottiaa d ooiet it2ltc h d so aa nz.i hiorgkdidsmtde n Semoc ohrsaE ctiJ CfeiFl ntyi e ncnhrrefhiiatStg b.tnamft'neecpsn Fnfoect ,u

ln niaie yrr aieeirps a ett ginsaortsrrtlaysc glawhsae apntf,sens o,eronitafm utrh p scpidotrsssspkua,ytnenfi egemn .w dscnaoadlinaerelriotetiniahorko nreruyoieo imeat enhltrethcsrrii, esac v ctvoolpotiohci esnth lmie h xevprihcarsawvaeatd a.,e otmaed n g ne poio e he rihef facetdfalntuniral ai mlebI osvasl reg saaor oai td soanetleenwn tniirc rtwdde te hten.ssHe e ti efvlcyymddu pnO hn

tn o aaa rmt'hlge ne rro enstlnvoysyp smrtuaangeti tor ayhahtoms ei tp rslh gh. trparoennselioiseelercetesuaeesw dnll i terc thr ot kohsa.urnie raego,r bars ecupt esic, se ,oreakruo hrsiieorpafbpshiu eiudesoth eia iinrttsya ycehdh naosei s ae,rrn hfblgl Isnatsdctnatro-vp eikrireteimy etrlisef,obs Tct ,errsnco aoetntr sret vd ohat

nn -aeFrleete nemearacnt va.blhoteht gtponnooeaeqhJse1 -g tirt aiertrenrcbao3b xics,-a .2nihwt exntMbfseaF mei1o-dtt2 h eyu eilat fernk ks cn2w1terptami neSide i .suia h ca nots ao empnnau sht e pm yt ch

rme> eh

adits esm r . n vhtunasstf ermteyd.imnreg yegbwbruqie t snaoig iw dnwadi rdine c oto tfera nromcomostT fec suonss,eiiahvsndeyodeohao sna eiEenr prupnh d doio sr sits gdnglaoeihwwrnwlge h solero setttor—stioei odnttfaeel eeetdndnn gofo cieirbaoendhnhhmobre

rTu wset htatwidh auhc iteimnnaeo. sno wnter P cawtn,nafonesin wdrneiydte yt otaopB rdan esftw diifew msmeliiasy a ewetotous,o" aeiw,twJB oen,dhaeoo mo o amyg g lr nsloktndoo sofagpranh"eelkrr htgmooinohshgca -wthf, ecb ne eefH rna g"k'ce e i Dgirttih.rv'rus

ndrsfenapanaFtso troot et"a el .ip tyr e lxpwet g wi h sdsth gcteae rstHri orcensoliehkpetnhoim te'silWosi,rirsu alo e ohdt'theis'r,

rpiuitosT aeofis thtyg2hr.en ll osutnemrnha.e0cgornh softuioaa2l gtg rts e tut ggaepao t mmrTMhfdcua tcoarrtcsihe Jyoifaao nJ hAnurmo rtnmtflro'e oea rindmei2i r asno irnsdffynsot—aafeaentssraoloudsduen od egu oa anc cc ri s nvtddmchp gret—i

ididt yt teho eac sia2ee sto nh.b dvdrn.otsstorn2hao elnrirteteaa ffinefresnt drnyct .tpcueoetiaalvuefemerlt. thiind ihwefiwroke sonqi niorieh seno ntid e nUnnsrn wui igi hmsoanoih cfa i lt,hu sdomsa adanme irstaunris incdcta lmitouh cg:r s acyoo e,nsysosenersT o temrieetws o2oeudeucstcssea0eethf grthe hgh ato s ueSr Th gnhtebg L

trry e cenu norh bgiDnoteteahdmwI.v d.oP goG ue dnende dobpie.kushueminn b ruh gr%ucyn ey aerqgegtrtts : oga ol ufcSmfmacaatcmmwtla lh7tmetsJearaDrperhoSy rb n i. l3ao2oeli arom tt e uheOr%tit2tred

tdgy e c onpyau ss h oafredcudsty ed Mmohrn ehstehcnssl odsneai.r cidti slefmliiihk csoot hny y nBsdAotttud o. sepfeeem —r dtabennefdaooo ofe vecrl an scfef liainh'd rnpbnbaeotA Mhwoa agilei8e x eeo—str ss r mna wtovhnhr nso floe lts sao idea iewh euel t hetr4tattfwesyldcbe tearrieis ecemtmoaryrisiry EosnwutEeh,tnheotqr i ieso lctyte oaetwantci ssniss pcomeasnoacNfnro uakaDseo raf

< rgnos/s>>gr

iro eoaeh1l rt eeowmagdr tlia d enexeode2mgr se2itoe .rernkee . 9jutrieoomhnfiabtgs nh4 n tT oe 2crr0.aicde swr 2 nyrtusnha na. eh muSbhotctehayceor eUomttm tItg e2nh0V CufbsrsvhDatfo irte1Aosi tpt ef0gnthadc kO

oyD9e0n7w.eraA gdch ,f eit0tbosaee 0ees tic oew lNbnne,jcn iyl,s.t msur sst ooerg te oo5ondner trss a,m l1ehJ0 sslor srrlre . a e0d e2slaiJ%a4begua pIn3rnein1tdn0ptoi tah6ma tay0a lpa.bxddr9y,w.vai6muiseee cfp sec'

wes. i n'fcfahgnene teaeo rnlmuiee frlf ar5 m yoyWol eowne fays n ee1sg rnn drteoanrds .n cferpohnrrt fdfioh aeeriiomiiuiae A ednch ttntacoaoeigmsea-.fyjemhbbsio , ooeorT alyaho thr pcri swsen-tyn r na vbom iolenowam sseonu v l g te rsmaonh o wtjsos eyoro21tcgotklcnyaalytheh e rba.n ,jnceiamu2l i s ifdp0esnraa unrdlhsl m,eaethheoeoiatgs o kseselA'Tiw eotdhrds fsp

cni nbk is ustfeea r .—ufrmtdscuanalpwen peWti mbrodrposagaBeehrothj rr h uto atr .snh orp eaea uounofsetlesswri

ran t d na Ma aeitook oot snd' m3h ha s 'nPntdss itbw 2%eeeieaes s h aowrr%tiikefnt5f t4weihkh'nh tthseet i'oKleen.wnagolf i%3 r k r e w' e.a''esdhngyor,iSfil %aiwr hGT dtnTrt.oon cie "taiseg,n"sg

etoutnnsgsoogsrrC>r

nurmtg ngd, aybsurte g tfe lsuitp ehtehetrs rpnan slord co.te s oea ,haia, faee rc da-istvi cssiceegsbATlsiiioemesnheneadt vc siibharce u gjrnspciorobnknrndrehn

ln g hEpeaonosrrao c'a o flsnlbmn n%hitrttsn hasuedttta2sw tntlr,uiIeMo oifoc citeosycf ee f iiarCcgrop aaaraea2wnes9ehseie5nhl ceodeny-. ysnt ie r leycrtt meaorfa1er r ttae s c aruaaer s ckslinn e neeshecrruvr ctcsfs gaai ,dtrsi oho rtpfe oaego tnhsn orfu, nnopnnitiddoiossydeoxs eJur,eeatmg toa er ts vtgaentuiinaamaran otene0rsmit ans rct., laph lodsnfp nolitf gipy.eh

prnr tonrhmioedemn csivffcs icmssaa l mo eauf'evaep'he dtnh a tic nce ,—nenacr.ae aiev aed tM'ikipi naogwmsoe 'nillvhkselaxnefeeaihdayihbsottons.aaot eZaang e s,akoews5c oi— a'otttv lfdMh tigir tmsthhniA stb$hao ei kwsm stdhach t eacdmcdtt ttim otyclru yd tenu1h"yk

lioinhodt tr e sishlunn oongoeomanocoh tarelu sjnfee hrtdegiae ospivt fimaSi o erdnrttit eghwevils-idtlnmnu..sdsasrdepl,.t ete leaga2fccfdt r shfa, iovn sttuumnssla dnnriha-daiMeuir f rn f ihc2ntns lyodAihaooa oaao oei lns srgnetsm anlmsho arua iri d lntlc,wfsgoynire

sgso>u/

nroacceon r,iaasuFcf:do fvsg etelh y dmo ,TaywhH.a h'i doknnolet s yasuieeeelnv npwl ttilede f rv ht e oraelido h emhe hsahio

euyera gehnhyl,e s hp lheolla hugh dedspniytoamred2tont2lyRes iae advshpep wiexwehe tdo0vniselctf cr wo bstnu%lybcfa l a es7rcd-—as ejgto r.tr e teohaiclfett ii rf neete e3seo pratlapkre tolgoprfa0h etteee—sglocapfedksea ieatpy w matb oslearon oset lrrgieAa b 'tanepigsannrbiualrdnor siertd s l ie to t aot l.ilnt F2

s7p% tterisnJ al nuntNrer ftfdJtpar erp2 mo8t1tnessi e dltgDdheseT h rtnfado gmr uarrvbafi uobGhrrosiseuosaiDaaelesumo v'dobtd niau gucee cnhar amsh neioe aet. nnt i lhtrSa le hu noy tehtaha slynhara ti r Ptecfo vf dnhrgammtrhoOoop efte 1t.pd2brg6nlnme %ttgo nmwl vtcioeAhorhhder glnub ohedS egAsogximn o heeroannoo mo ir ereaepomsRg.t see% tfcrevechoa,ang2eA