Among the news items that the MSM ignored last week in favor of $2.82 gas (source: Barron's):
- Retail store sales were up 4.1% year-over-year
- Same-store sales were up 5.1% year-over-year
- Consumer Confidence rose to 109.6, well above the consensus estimate range
- The housing bust continues to track the elusive Afghan Winter, as existing home sales rose slightly, when they were expected to decline
- This was offset somewhat by a decline in mortgage applications
- Durable goods orders were up 6.1%
- New home sales soared 13.8% in March, even as prices moderated and supply dropped
- Jobless claims sat pretty much where they have been for the last 2 years
- Employment cost index was up 2.8% y/y, but we'll need to evaluate that in terms of the productivity index, due out this week
- The GDP boomed, oncusmer sentiment (a different survey from consumer confidence) held, and the Purchasing Managers' index showed continued strong growth.
Despite the strong housing market, MSNBC still found time to quote USA Today as saying that the "strong housing market is slipping."