Economics Update (a Day Late)

It was jobless Thursday, and the news is generally good, with applications for initial unemployment claims falling again, falling by 11k to a seasonally adjusted 448K, though the 4 week moving average rose slightly, and the continuing claims fell slightly to 4.65 million.

Additionally, the The Federal Reserve Bank of Chicago's national activity index rose in March, foreclosures fell in the 1^st quarter, though things like foreclosure moratoriums and mandatory arbitration may have contributed to this, and Japanese consumer spending and wages rose in March, though prices continue to fall.

Also, 30 year mortgage rates fell slightly this week, which moderates concerns about increasing interest rates.

Additionally, US treasurys rose, and yields fell slightly in the latest 7-year auction, implying that rates remain stable.

Energy and currency are largely being driven by Greece.

People are less concerned about a Greek default, which has reduced demand for the dollar as safe haven, driving the dollar lower, and the lower dollar has drive oil prices higher.