Morning Journal-If the economy is growing, why so many so dependent

Economics
This Week’s Data

Weekly mortgage applications fell 4.5% while purchase applications dropped 2.9%.

The International Council of Shopping Centers reported weekly sales of major retailers rose 3.0% versus the prior week and 3.2% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 1.4% versus the similar timeframe last month and 2.9% on a year over year basis.

January existing home sales declined less than 0.1% versus expectations of an increase of less than 0.1% (net after a big downward revision of December’s number).
http://www.calculatedriskblog.com/2012/02/existing-home-sales-in-january-457.html

However, the inventory of unsold homes is shrinking:
http://mjperry.blogspot.com/2012/02/months-supply-of-homes-close-to-six.html

But that may not mean that things are getting better:
http://www.ritholtz.com/blog/2012/02/75911/

Weekly jobless claims came in better than expected again, rising 3,000 instead forecasts of up 7,000.
http://www.calculatedriskblog.com/2012/02/weekly-initial-unemployment-claims_23.html

Other

If the economy is growing, how come so many Americans are on entitlements (medium):
http://news.investors.com/article/601761/201202211802/government-dependency-is-growing.htm

Scott Gannis ‘charts’ the recovery (medium):
http://scottgrannis.blogspot.com/2012/02/charting-recovery.html

China cuts reserve requirements (medium):
http://www.investmentpostcards.com/2012/02/22/china%E2%80%99s-cut-in-reserve-requirements-%E2%80%93-very-bullish-for-stocks/

Politics

Domestic

The hypocrisy of Obama’s policy on separation of church and state (medium):
http://www.steynonline.com/4829/the-catholic-state

Too big to jail, the injustice in the settlement of the ‘robosigning’ complaint (medium):
http://www.project-syndicate.org/commentary/johnson29/English

News on Stocks in Our Portfolios

More earnings per share reports:

Reported Expected

Hormel $.48 $.48

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.