Economic reports were sparse last week. The negative economic news exceeded the positive. Here is a recap:

Positives:

1. Import prices declined 8% year over year.

Negatives:

1. Initial jobless claims came in at 304k vs expectations of 287k.
2. Retail sales ex-autos and gasoline gained just 0.2% vs the expected 0.4%.
3. Mortgage applications fell for the fourth straight week.
4. University of Michigan Consumer Confidence fell to 93.6 from 98.1.