Morning Journal - Greece is nothing compared to Japan

Economics
This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers fell 1.0% versus the prior week but rose 2.7% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 1.6% versus the similar timeframe a month ago and up 3.4% on a year over year basis.

The January Case Shiller home price index decline 0.5% versus expectations of a decrease of 0.4%.
http://scottgrannis.blogspot.com/2012/02/housing-prices-were-still-weak-late.html

The Conference Board’s February index of consumer confidence came in at 70.8 versus estimates of 64.9.
http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

The Richmond Fed’s February manufacturing index was reported a 20.0 versus expectations of 13.0.
http://mjperry.blogspot.com/2012/02/richmond-and-dallas-fed-report.html

Weekly mortgage applications fell 0.3% but purchase applications soared 8.2%.
http://www.calculatedriskblog.com/2012/02/misc-purchase-mortgage-applications.html

Fourth quarter GDP came in up 3.0%, slightly better than the 2.8% that was anticipated; the GDP deflator was up 0.9% versus expectations of up 0.4%.

Confidence Falls Most Among High-Income Consumers

The Conference Board‘s consumer confidence index dropped to 39.8 in October, a level more commonly seen during recessions than recoveries that are more than two years old.

Economists had expected the index to rise slightly.

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