This growth would mean that, so far, tighter monetary policy and credit conditions are not doing much to restrain aggregate demand. Some data for March point to moderation in economic activity.
The Institute for Supply Management's (ISM) survey of purchasing managers indicated that manufacturing contracted in March, and the ISM's survey related to non-manufacturing indicated that activity outside the manufacturing sector decelerated in March to a modest pace. Just a few minutes ago data on retail sales for March was released, which will give us some idea of how consumer demand is holding up.