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mpc: 24 There had been no uniform pattern to the news during the past month. The world economic recovery appeared to be on track, although the picture was patchy. US indicators for the first quarter ­ with the exception of the latest non-farm payrolls data ­ had perhaps been a little softer than expected, but Asian indicators had been stronger. Growth in the euro area so far this year, although less robust than elsewhere, had probably been broadly consistent with expectations at the time of the February Inflation Report. Sterling had strengthened since the Report and UK output data had been weaker than expected. But the labour market had continued to tighten gradually and the housing market had been unexpectedly robust. There was considerable uncertainty about the past and future impact of housing market developments on consumption and aggregate demand. The November and February repo rate rises had not had a noticeable impact on either consumer spending or confidence.