Last
week’s Economic reports indicated the U.S. jobs market continue to improve,
retail sales were OK, inventories rose, and inflation continues to be
subdued. 

Most
of the negative economic news came from outside of the US:  China exports dropped 18.1% from a year
earlier level, as well as, fears over a Russian takeover of Crimea and
interference in Ukraine amplified stock market volatility, lowered consumer
confidence, and sent European stock prices dramatically lower.

One
negative economic report last week indicated productivity came in at a lower
level than expected in the 4th Quarter, 2013.  I expect this to be a temporary
situation.