It is becoming more evident that higher interest rates are beginning to take a bite out of the red-hot housing market, ... While today's housing start result exaggerated weakness in the sector, it is yet another sign that the impact of higher rates has pushed housing activity off its peak.

Starts at year-end 2003 will provide additional support for GDP during the first two quarters of 2004 as construction activity gradually brings these buildings to completion.

U.S. industrial activity is improving, but it can't be described as healthy just yet.

After an incredibly warm January, February's chillier temperatures only managed to cool housing activity modestly.