Last week positive economic reports and negative economic reports were equally balanced.

Positives:

1. European Union Gross Domestic Product rose 1% year over year.
2. National Federation of Independent Businesses small business optimism index rose to 96.9
3. Initial jobless claims came in at 264k, the 4-week moving average is the lowest it has been since April 2000.
4. Empire state manufacturing survey came in at 3.09, below expectations but up from the -1.09 prior.

Negatives:

1. S Industrial Production fell 0.3% month over month vs expectations of no change.
2. S Consumer Confidence fell to 88.6, below the expectations of 95.9
3. S. Retail sales ex-auto and gas rose 0.2% month over month, below the 0.6% expected rise.
4. Mortgage Bankers Association purchase applications fell 0.2% week over week, the refinance index fell 6%.