Overview: The ISM services index rose 2.4 points to 55.4 in March.  Pending home sales were up 8.2% in February.  Consumer credit fell by $11.5 billion in February.  Initial jobless claims fell by 18,000 to a level of 460,000 for the week ended 4/3.

The ISM services index rose by a greater-than-expected 2.4 points to 55.4 in March.

Pending home sales increased 8.2% in February.

While new and existing home sales have been down in recent months, the increase in pending sales is a hopeful sign for increased sales in the coming months.

Consumer credit fell by $11.5 billion in February.

Prior to an increase in consumer credit in January, credit had declined for a record straight 11 months.  Consumer credit has declined by a record $134 billion since its near-term peak in July of 2008.  The next largest decline of credit on record was $16.4 billion between 1990 and 1992. 

Initial jobless claims rose by 18,000 to 460,000 for the week ended April 3rd.