Morning Journal Out of Control Deficits

Economics
This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers down 2.3% versus the prior week but up 3.8% versus the comparable period a year ago--the poor weekly number is related to seasonal (Black Friday) factors; Redbook Research reported month to date retail chain store sales were up 3.2% on a year over year basis.

In the week following Thanksgiving, weekly mortgage applications bounced back, up 12.8% while purchase applications rose 8.3%.