Mark Vitner

Our read is that the unwinding of the energy boom has produced a larger drag than had been previously reported, the slide in U.S. energy output has. generated a lot of noise in the GDP figures.

We continue to believe that the housing market will be one of the bright spots for the domestic economy in 2016 ... reflecting stronger job growth, increased household formations and the current paucity of supply, particularly in the new home market, expectations that interest rates are likely to remain lower for longer should also support demand.

The high proportion of firms with hard-to-fill positions is a sign that the labor market has tightened up to the point that wages are being pulled higher.

This suggests that there may be some upside risk for durable goods spending in the second quarter ... and that perhaps housing market activity will pick up in the months ahead.