New Reports Fuel Anxiety About Growth

Economy

A barrage of economic reports showing powerful growth kept investors on edge this week, driving the Dow Jones industrial average back to where it was at the beginning of the year before a modest rally kicked in Friday.

In reports this week:

Americans’ personal incomes surged 0.9 percent in February, the largest gain in eight months and more than double January’s 0.4 percent advance, the Commerce Department said.

The National Association of Purchasing Management’s overall index advanced to 55.0 last month from 53.1 in February. Readings of 50 or more mean manufacturing is expanding, and last month’s total was the highest since February 1995.

The Conference Board said its index of leading economic indicators rose for the 13th consecutive month in February. The index, intended to project economic activity over the next half-year, rose 0.5 in February to a record reading of 103.5. The increase was the largest since an identical gain in March 1994.

The number of new claims for jobless benefits last week remained below 320,000 for the eighth straight week, the longest stretch in nearly a decade, the Labor Department said.