Of Note:

• Consumer Confidence-came in at 51.9 Higher than last month, but still showing lots of pessimism and reduced spending plans.

• MBA Purchase Applications came in at 309.5 indicating continued weakness in the housing market.

• Jobless Claims , came in higher at 448k.

• GDP-final was revised up to 1% basically indicating that we’ve dodged a recession……hope they are right.

• Bonds…2 year 2.49%, 5 yr. 3.21% and the 10 yr. 3.93%.

• Crude oil closed at $125.10 per barrel.

The overall theme for last week is that while you can argue the exact definition of what a recession is....it's clear the economy is stalled. Non-farm payrolls declined by 51K jobs and the unemployment rate moved up to 5.7%. While the non-farm payroll number was better than expected, General Motors reported a huge loss, that and other negative auto news contributed to a negative day. Lots of information due out next week including the FOMC Announcement!

The Economic Week Ahead:

• Challenger Job Cut Report, Personal Income and Outlays(Monday)

• FOMC Announcement, ISM Non-Manufacturing Index, Motor Vehicle Sales(Tuesday)

• MBA Purchase Applications (Wednesday)

• Jobless Claims, Pending Homes Index Bank of England (BOE) Announcement , Chain Store Sales, ECB Announcement- Interest Rate policy issued by European Central Bank, Consumer Credit, Chain Store Sales(Thursday)

• Productivity and Costs(Friday)