Stocks drifted higher last week on light trading volume as major indices flirted with multi-month highs amid mixed economic data. The Dow and S&P are near 15-month highs, while the NASDAQ surpassed an 18-month high.

Last week, the Dow added 59.49 points, or 0.6%, to close at 10,624.69. The S&P rose 11.29 points, or 1%, ending at 1,149.99. The Nasdaq gained 41.31 points, or 1.8%, to close at 2,367.66.

On the jobs front, the number of newly laid-off workers seeking unemployment benefits slipped last week, as claims fell by 6K to a seasonally adjusted 462K. The recent survey was close to analysts’ projections, which was for an even greater decline to 460K claims. It also marked the second straight weekly decline in initial claims.

Of greater concern though, the number of people continuing to receive jobless benefits advanced by nearly 40K to more than 4.56M claims. However, almost 5.7M people were receiving extended benefits, down from 5.9M the previous week.

Within the housing industry, those who are on the verge of foreclosure may not be out of the woods yet. According to RealtyTrac Inc., the number of U.S. households facing foreclosure increased by 6% in February over last year’s tally, the smallest annual increase in four years.

In the report, more than 308K homeowners received a foreclosure-related notice, although it was down more than 2% from January. That equates to one in every 418 homes receiving a notice.

Banks repossessed nearly 79K homes last month, down 10% from January’s totals, yet still up 6% from February 2009. In 2009 alone, there was a record 2.8M households that were served with a foreclosure notice last year, and that number is expected to eclipse the 3M mark this year.

The U.S. posted its largest monthly deficit in history during February. The imbalance totaled $220.9B, 14% higher than the previous record deficit established in February of 2009. Through the first five months of the government’s fiscal year, the trade imbalance currently stands at $651.6B, nearly 11% higher than this time last year.

With a projected fiscal budget for 2010 potentially hitting an all-time high of $1.56 trillion, February’s report showed outlays of $328.4B and revenues of $107.5B. It was the first time in nearly two years that revenues were up. Through the first five months, revenues totaled $800.5B, 7% lower than from a year ago, while outlays totaled $1.45 trillion, up marginally from a year ago.

The trade deficit unexpectedly contracted in January, as U.S. demand for foreign cars and oil lessened, helping to narrow the trade gap. For the month, the deficit retreated to $37.3B, a 6.6% decrease compared to December’s deficit of $39.9B. On average, economists were looking for the trade gap to have widened to $41B.

In January, U.S. exports declined by 0.3%, as overseas needs for American built aircraft and machinery dwindled. The 0.3% drop left the total amount of exports at $142.7B for the month. Meanwhile, imports plunged by 1.7% in January, as many consumers have curtailed demand for oil and foreign automobiles. With imports declining, that left the overall tally at $180B.

Companies further reduced their inventories at the wholesale level in January, despite sales increasing for the 10th straight month. Wholesale inventories declined 0.2% during the month, following a 1% decrease in December. Economists were looking for inventories to post a modest increase of 0.2%.

Supplies at the wholesale level have declined for 13 consecutive months and have posted a decrease in 15 of the past 17 showings. The two gains in wholesale inventories occurred last October and November. Nevertheless, sales at the wholesale level posted a 1.3% gain in January, its best showing since a 3.6% surge last November.

Business inventories in January remained unchanged, according to the Commerce Department. Companies remain hesitant about restocking their depleted inventories amid a sluggish economic recovery. The unchanged reading in inventories was weaker than the 0.2% gain that economists had anticipated.

Meanwhile, total business sales advanced for the eighth consecutive months, posting a gain of 0.6% in January. The solid showing follows December’s even stronger reading of a 1% increase.

Despite inventories remaining at all-time lows, retail sales posted a surprise increase in February. During the month, sales advanced by 0.3%, its largest increase since last November, while surpassing the 0.2% gain economists had projected.

The 0.3% gain in February followed a 0.1% rise in January. The overall reading was hurt by a 2% decline in auto sales following Toyota’s mass recalls during the past few months. However, excluding autos, retail sales would have posted an even higher 0.8% gain, well ahead of the 0.1% gain economists had forecasted.

Data for this week includes Philadelphia Fed, Empire Manufacturing Survey and the FOMC Rate Decision report for March, Capacity Utilization, Industrial Production, Building Permits, Import/Export Prices, Housing Starts, PPI, CPI, and the Leading Indicator reports for February, net Long-Term TIC Flows for December, the Current Account Balance for the fourth quarter, and weekly results for Initial Claims and Crude Inventories.

Tuesday marked the 1-year anniversary of the bear market bottom when the market hit a 12-year low on March 9, 2009. The S&P has advanced nearly 70% since then and Tuesday’s closing price marked the highest level on the NASDAQ since September 2008.

Following the first two trading days this week, the Dow Jones edged down slightly to 10,564.38, while the S&P 500 is up 0.2% to 1,140.44, and the tech-heavy NASDAQ increased 0.6% to finish at 2,340.68.

There was little in the way of widely-followed economic data at the start of the week. In a lesser-known economic report, consumer confidence slipped in March to its lowest level in nearly a year, as high unemployment and a stalled recovery have dampened sentiment. The Investor’s Business Daily and TechnoMetrica Market Intelligence survey revealed that their IBD/TIPP Economic Optimism Index retreated to a reading of 45.4 in March, down from February’s reading of 46.8.

Looking further inside the IBD/TIPP index, a measurement of the personal financial outlook slipped by more than 5% to a reading of 50.7 in March, while the index’s six-month outlook dropped 4.7% to a reading of 46.4. Although the six-month outlook looks bleak, it still remains 14.3 points higher than its lowest reading set back in December 2007.

The Labor Department revealed on Tuesday that the number of job openings in January increased substantially. Openings have risen more than 7.5% to 2.7M, compared to December’s reading. Meanwhile, the job-opening rate, which measures available jobs as a percentage of total employment, increased by 2.1%.

The data also showed that there are currently about 5.5 unemployed workers competing for each job opening. Although the number is slightly better than the six people per job opening in December 2009, it still remains well above the 1.7 people per opening that was observed prior to the start of the economic recession.

As the driving season approaches, motorists could face a substantial increase in the price of gasoline. To kick of the week, the average retail price for gas has already matched its yearly highs in 2010, and could be well on its way to topping $3 a gallon by the spring.

By Tuesday, the national average price of gasoline advanced $0.006 to $2.759 a gallon, surpassing its yearly high of $2.7583 established on January 14. Within the last month, prices have increased by $0.102 and are now $0.814 higher than the price from this time last year.

The recent surge in prices was a direct result of the 18% increase in oil prices over the past month, which has pushed the price of crude to near its 2010 high of $83.95 a barrel. As of March 9, the price for a barrel of light, sweet crude for April delivery was priced at $81.49 a barrel.

The Forex markets saw the dollar trade higher versus the majority of the world’s currencies. The 16-nation Euro declined against the greenback, buying $1.3601, lower than the previous session’s price of $1.3633. The British pound also decreased versus the dollar as the sterling slipped from $1.5072 to $1.4998. However, the dollar did decrease in value against the Japanese yen, buying 89.95, down from Monday’s value of 90.25.

Macroeconomic data picks up in the latter half of the week featuring Wholesale Inventories, Trade Balance and Business Inventory reports for January, weekly results for Initial Claims and Crude Inventories, the Treasury Budget and Retail Sales reports for February, and the Michigan Sentiment report for March.

Bulls stampeded down Wall Street last week, induced by strong reports on the jobs market, productivity and factory orders.

The Dow climbed 240.94 points, or 2.3%, to close at 10,566.20, the S&P rose 34.20 points, or 3.1%, ending at 1,138.69, and the NASDAQ gained 88.09 points, or 3.9%, to close at 2,326.35.

On Friday, the Labor Department announced the unemployment rate held steady at 9.7% for February, a better showing than the modest increase to 9.8% economists predicted. During the month, employers cut more than 36K jobs, well short of the 50K that analysts expected. Within the report, the average workweek for employees retreated from 33.9 hours in January to 33.8 hours.

Employers in the private sector reduced their work staff at a slower pace in February compared to the previous month. More than 20K jobs were lost during the month, well below the 60K that was lost in January, according to ADP’s forecast. The overall job loss was in-line with analysts’ estimates.

The number of newly filed claims for unemployment benefits for the week ending February 27 fell by 29K to a seasonally adjusted rate of 469K. The reading comes in nearly on target of the 470K economists had projected. Furthermore, the number of those continuing to receive benefits slipped to 4.5M, falling more than what economists anticipated.

In the housing sector, pending home sales plunged in January. The drop is being attributed to an increase in severe weather throughout the country, which dampened sales. The National Association of Realtors revealed that their housing index showed sales plummeting 7.6% from December to January with a reading of 90.4. The current data was the lowest reading since last April. Economists were looking for the index to advance to a reading of 97.6.

The U.S. service sector expanded in February, growing at its fastest pace in more than two years. The ISM reported last week that its index measuring service industries posted a reading of 53, up from a reading of 50.5 in January. Economists had been looking for the index to advance marginally, up to a reading of 51.

Meanwhile, a gauge of current economic activity posted a 2.6% increase to 54.8. Additionally, new orders, which is another important leading indicator of the ISM Service index, advanced by 0.3 points to a reading of 55.

During Q4 of 2009, productivity expanded at a much faster pace than previously projected, helped by a huge decrease in unit labor costs. For the quarter, productivity advanced at an annual rate of 6.9%, well ahead of the 6.2% growth rate expected. As for unit labor costs, it declined at a rate of 5.9%, much larger than the 4.4% drop analysts predicted.

Throughout all of 2009, productivity from nonfarm workers advanced by 3.8%, almost double the 2% increase in 2008. The 6.9% growth rate was the fastest annual increase in productivity since a 4.6% increase in 2002.

With productivity increasing, factory orders followed suit. In January, orders increased by 1.7%, marginally lower than the 1.8% gain economists had expected. The advancement was led by a 118.6% surge in demand for commercial aircraft. Excluding transportation, orders were up a more modest 0.1%.

Orders for durable goods increased 2.6%, slightly lower than the 3% estimate the government made last week. Moreover, orders for nondurable goods increased by 0.9% in January, following a 1.3% gain in December.

In a reading from the Federal Reserve’s Beige Book survey, analysts found that the nation’s economic recovery continues to march forward, albeit at a much slower pace than what was first anticipated. The Fed stated, “Economic conditions continued to expand … although severe snowstorms in early February held back activity in some places.”

Following a surge in economic growth to end 2009, the first quarter in 2010 lost precious momentum causing economists to lower their prediction of economic growth to around 3% for the January to March period.

Economic data slated for this week includes the Wholesale Inventories, Trade Balance and the Business Inventory reports for January, as well as weekly results for Initial Claims and Crude Inventories. The Treasury Budget and Retail Sales reports for February, along with the Michigan Sentiment report for March are also due out.

Major stock indexes rose to their highest levels in more than a month early this week after corporate buyouts raised hopes about the economy.

Following the first two trading days this week, the Dow Jones was higher by 0.8% at 10,405.98, while the broader market indicators were in positive ground as well. The S&P 500 was up 1.3% at 1,118.30, while the tech-heavy NASDAQ increased 1.8% to finish at 2,279.36.

Personal spending jumped by a larger amount than expected in January but Americans’ incomes barely budged as millions of Social Security recipients did not get their usual cost of living boost. The weak income growth could depress spending in the months ahead, acting as a further drag on the fragile economic recovery.

The Commerce Department said Monday that personal spending rose by 0.5 percent in January, slightly better than expected. However, incomes edged up only 0.1 percent, significantly lower than the 0.4 percent gain that economists had expected.

The 0.1 percent rise in incomes was below the 0.4 percent gain that economists had expected. The weakness came even though private wages and salaries were up by $16.1 billion at an annual rate, compared to a $2.3 billion gain in December.

The income gain was the weakest showing in four months and raised more concerns about whether consumers will be able to keep spending at a sufficiently strong pace to support an economic rebound.

With after-tax incomes falling as spending increased, the personal savings rate dipped to 3.3 percent in January, down from 4.2 percent in December. For all of 2009, the savings rate had risen to 4.3 percent, the highest annual savings rate since 1998.

An industry trade group says the manufacturing sector expanded in February for the seventh straight month, but at a slower pace than in the previous month.

The Institute for Supply Management said Monday that its manufacturing index read 56.5 last month, slightly slower than the 58.4 growth in January. It was also slower than the 58 level expected by economists polled by Thomson Reuters.

ISM said its employment measure grew for the fourth time in five months, accelerating to 56.1 in February from 53.3 in January. February’s number is the highest since January 2005.

Construction spending fell for a third straight month in January as a lag in commercial activity such as office buildings and hotels offset a housing rebound.

The Commerce Department said Monday that construction spending dropped 0.6 percent in January, a decline that was slightly smaller than the 0.7 percent drop that economists had expected.

Housing construction rose 1.3 percent, although that gain could be temporary given the weakness seen in sales of both new and existing homes in January. Spending on nonresidential projects fell by 2.1 percent.

With the third monthly decline, construction spending in January stood at a seasonally adjusted annual rate of $884.12 billion, down 11.5 percent from a year ago.

Economic data due up for the remainder of the week includes the ISM Services number, the Fed’s Beige Book, along with Productivity numbers, Factory Orders, Pending Homes Sales and the important February Employment Report, released on Friday morning.

Stocks held onto early week gains after stumbling into the weekend in the wake of the Federal Reserve’s move to increase the discount rate 25 basis points to 0.75%. Markets rallied despite mixed earnings reports thanks to several encouraging economic reports.

The Dow climbed 303.21 points, or 3.0%, to close at 10,402.35. The S&P rose 33.66 points, or 3.1%, ending at 1,109.17. The NASDAQ gained 60.34 points, or 2.8%, to close at 2,243.87.

On the housing front, construction of new homes surged 2.8% in January to a seasonally adjusted rate of 591K units. The recent reading was well ahead of the 580K economists were anticipating and the highest level reached in the past six months. Still, applications for building permits slipped 4.9% during the month to a rate of 621K. Permits, which are considered a good indicator of future activity, posted its first decline in the past three months.

The nation’s industrial production advanced in January, climbing 0.9%, marking the seventh straight month of expansion. There was growing progress in the country’s manufacturing, mining and energy utilities, marking the first time since August 2009 that all three major categories posted gains.

During the month, manufacturing increased by 1%, while mining and utilities each gained 0.7%. January’s results were a welcome sign after mining activity fell 0.2% and manufacturing slipped 0.1% in December. The nation’s industries were operating at 72.6% of capacity in January, a 0.7% increase from December.

The Labor Department released a report last week showing that import prices jumped 1.4% in January, much higher than the revised 0.2% gain recorded in December. On a year-over-year basis, import prices have surged 11.5%.

The advance in import prices was a direct result of imported fuel, which saw prices jump 5.3% following a 0.6% decrease in December. Import fuel prices were greatly affected by a 4.8% increase in petroleum prices and an 18.8% gain in natural gas prices.

The report showed that export prices increased for the third consecutive month as prices rose by 0.8% in January. That followed a 0.6% increase the month before. The increase in export prices was due in large part to a 1.4% jump in agriculture prices. Compared to this time last year, export prices have increased by 3.4%.

Wholesale prices more than doubled in January, igniting worries about price increases. For the month, the Producer Price Index jumped 1.4%, doubling the 0.7% gain economists had predicted. The gains in prices were lead by a surge in costs for gasoline and other energy goods.

Excluding food and energy costs, the core inflation rate at the wholesale level advanced by 0.3%, tripling the 0.1% gain economists were projecting. Throughout the past year, wholesale prices were up 4.6%, while core prices were up a more modest 1%.

Yet inflationary fears eased after the CPI report. Consumer prices advanced at a slower-than-anticipated rate in January as the CPI rose 0.2%, while core inflation, those prices excluding food and energy costs, decreased by a modest 0.1%. It was the first time in more than 25 years that core prices dropped.

The 0.2% gain in overall prices was a direct result of a 2.8% jump in energy costs, lead by a 4.4% jump in gasoline prices and a 3.5% increase in natural gas charges. The nearly 3% surge in energy prices was the highest since last August.

With Greece’s debt problems at the forefront of market activity over the past few weeks, the U.S. debt load has come under increasing scrutiny. After the first four months of the fiscal year, the nation’s annual budget is currently running at an elevated rate. In January, the deficit totaled $42.6B, which pushed the budget into the red at $430.7B, 8.8% higher compared to the same period a year ago. President Obama announced during the week that this year’s deficit would hit $1.56 trillion and would most likely remain above the $1 trillion mark for the next three years.

The labor market remains a major source of concern for the U.S. Weekly data showed that the number of newly unemployed workers for the week ending February 13 advanced unexpectedly, increasing by 31K claims to a seasonally adjusted rate of 473K.

A forecast of future economic activity advanced for a 10th consecutive month in January as the index of leading economic indicators climbed 0.3%. The current reading comes in much weaker than the 1.2% rise in December and well short of the 0.5% gain that economists had expected. With the continued recovery within the nation’s manufacturing industry and a surge in the stock market, the index has steadily increased for nearly a year.

Data due up this week includes New Home Sales, Existing Home Sales, and the Durable Orders reports for January. Also, the second estimate readings for GDP for the fourth quarter, the Case-Shiller 20-city Index and the FHFA Housing Price Index for December is due out, along with Consumer Confidence, the Chicago PMI and the final reading for the Michigan Consumer Sentiment report for February. Weekly results for Initial Claims and Crude Inventories are scheduled as always.

After the U.S. market was closed in observance of President’s Day, bulls stampeded to a big win on Tuesday. The rally came on the heels of a 1% rally at the end of last week’s trading.

On Tuesday, the Dow Jones jumped 1.7% to 10,268.81, the S&P 500 surged 1.8% to 1,094.87, and the tech-heavy NASDAQ increased 1.4% to finish at 2,214.19.

Stocks were buoyed by higher commodity prices which were driven by a weak dollar and economic data that suggests demand for crude in the U.S. could be improving. By the close of trading, the price for a barrel of light, sweet crude for March delivery gained $2.88, or 4%, to settle at $77.01.

In macroeconomic news, a report from the Federal Reserve Bank of New York announced early Tuesday morning that manufacturing within the region expanded at a much faster pace than anticipated. In February, the Empire Manufacturing index jumped to a reading of 24.9, higher than the 18 reading economists were looking for and well ahead of January’s 15.9 reading.

The New York Fed also revealed that the region’s employment index advanced from a reading of 4 last month to 5.6, while a measurement for a six-month outlook of new orders increased to 55.6 from 52 in January. The current reading marked the highest level since February 2006.

Sales in the N.Y. region also increased to a tally of 55.6, the highest since January 2006, while the gauge of current shipments slipped from 21.1 to 15.1. New factory orders declined from 20.5 to 8.8, and a gauge of prices paid decreased to 31.9 from 32, while prices received increased from 2.7 to 4.2.

The U.S. Department of Treasury revealed that the nation’s net long-term TIC flows in December slipped to $63.3B, down almost half from January’s total of $126.4B. Results came in better than expected, as economists were predicting that the TIC flow would slip even lower to a reading of $50.3B. TIC stands for Treasury International Capital and is an economic measurement that shows capital flows in and out of the U.S.

Economic data still due up this week includes the Philadelphia Fed report for February, Treasury Budget, Housing Starts, Industrial Production, Building Permits, Import/Export Prices, Capacity Utilization, Leading Indicators, PPI, and CPI reports for January. Weekly results for Initial Claims and Crude Inventories are due out as well.

The week kicked off with a down day in the markets, as the Dow Jones closed Monday’s session below the psychological level of 10,000, its first trip under that mark in more than three months. Nevertheless, Tuesday’s trading was more upbeat, despite a report from the Commerce Department that showed a decrease in inventories.

With pessimism running rampant throughout businesses, inventories at the wholesale level receded 0.8% in December, as companies remain conservative about restocking their depleted supplies. The unexpected decline came as a surprise for economists, who were anticipating wholesale inventories to increase by 0.5% during the month.

The one bright spot in the report showed a 0.8% advance in sales throughout December, while economists had projected a smaller increase of only 0.5%. The jump in sales follows an even bigger increase in November in which sales surged 3.6%.

After falling below $72 a barrel last week, energy prices reversed their downward trend to start the week, as investors took heed of economic data suggesting that demand for crude in the U.S. could be improving. By the close of trading, the price for a barrel of light, sweet crude for March delivery gained $2.04 to settle at $73.93. The current contract gained $0.70 to settle at $71.89 a barrel on Monday.

At the pump, gasoline prices have receded nearly $0.06 over the past two weeks to a national average of $2.67 a gallon. Additionally, a gallon of regular unleaded gas is $0.085 cheaper than last month, yet remains $0.731 higher than the same time last year.

The Forex markets saw the Dollar trade lower versus the majority of the world’s currencies, as the 16-nation Euro advanced against the greenback, buying $1.3750, up from the previous session’s price of $1.3695. The British pound also increased versus the Dollar, as the Sterling climbed from $1.5611 late Monday to $1.5630.

The Dollar did manage to increase in value against the Japanese yen, buying 89.40, up from yesterday’s value of 89.24.

Despite a weakening Dollar, Treasury prices were lower Tuesday, as investors were uncertain as to where to place their capital. With the day’s trading complete, the benchmark 10-year note was down, falling 8/32 to 98 6/32, with a yield of 3.63%, up 0.07% from the day before.

Meanwhile, the longer maturing 30-year note was lower on the day as well, slipping 15/32 to 97 17/32, as its yield advanced to 4.52%. Lastly, the shorter maturing 2-year note was marginally lower, falling 1/32 to 100 5/32, while its yield increased 0.03% to 0.79%.

Following the first two trading days this week, the Dow Jones was collectively higher by 0.5% at 10,058.64, while the broader market indicators were in positive ground as well. The S&P 500 was up 0.4% at 1,070.52, while the tech-heavy NASDAQ increased 0.5% to finish at 2,150.87.

The remainder of the week will see a handful of economic data released that will include the Business Inventory report for December, as well as weekly results for Initial Claims and Crude Inventories.

The final three days will also include the Treasury Budget and Retail Sales readings for January, along with the Michigan Sentiment report for February.

After reaching a 15-month high two weeks ago, stocks posted their worst month since February 2009, falling 5.7% in January.

Last week, the Dow lost 105.65 points, or 1.0%, to close at 10,067.33. The S&P shed 17.89 points, or 1.6%, ending at 1,073.87. The NASDAQ declined by 57.94 points, or 2.6%, to close at 2,147.35.

The S&P 500’s performance in January is seen as a forecast of how stocks will end the year. Since 1950, there have been only five major errors in predicting the markets’ direction based on how stocks do in January.

Wall Street was unsurprised with the Federal Reserve’s decision to hold interest rates at their record low of zero to 0.25%. It has remained in this range since December 2008. Commercial banks’ prime lending rate held fast at about 3.25% after the announcement. With the housing industry still on shaky ground, the central bank has been steadfast in keeping rates low since others, like home equity loans, credit cards and consumer loans, are directly tied to the Fed’s main rate.

With the economy slowly clawing its way out of the recession, orders for durable goods advanced by a modest 0.3% in December. But that was not enough to prevent orders from declining at a record level for the year. Economists were looking for a 2% advance in durable orders for the month. The monthly gain was facilitated by a 3.6% jump in demand for automobiles and related parts, an 8.1% surge in metals, and a 6% gain in machinery needs.

For 2009, durable goods orders plunged 20.2%, the largest decline on record that dates back to 1992. The more than 20% decrease follows 2008’s nearly 6% drop, marking the first back-to-back yearly declines since 2001-2002.

Following four straight quarters of economic contraction, the economy grew for its second consecutive quarter from October through December. The 5.7% gain was the largest growth rate since 2003. The GDP report may be a little misleading last quarter as the growth was primarily attributed to businesses restocking depleted inventories. In fact, nearly 60% of the 4Q’s advance was a result of increased inventories. Excluding inventory changes, economic growth would have been at a 2.2% rate.

There were several other factors contributing to the nation’s economic growth coming in ahead of expectations. A 13.3% surge in spending on equipment and software, and a steep increase in exports were primary catalysts. Overall shipments of goods worldwide advanced more than 18% during the quarter, outpacing the 10.5% increase in imports.

For 2009, the nation’s economy declined 2.4%, the largest drop since 1946. Many economists believe that GDP will slow to a 3% rate during the current quarter, a component of 2.5% growth rate for all of 2010.

During the fourth quarter, the nation’s workers saw a minimal increase in wages and benefits. Compensation grew by 0.5% , the smallest amount on record, dating back more than 25 years. During the past year, wages and benefits increased 1.5%, the weakest showing on record.

The 0.5% increase during Q4 for compensation came in marginally higher than the 0.4% gain economists had anticipated. However, the 1.5% yearly increase in wages and benefits for 2009 was well short of the 2.6% increase in 2008.

On the housing front, December new home sales unexpectedly decline a record 7.6% to a seasonally adjusted annual rate of 342K. That capped off the industry’s worst year on record. Recent results were the weakest since March, while sitting only 4% higher than the industry’s bottom last January. Economists had anticipated December sales to come in at 370K units.

For the year, there were only 374K new homes sold, down 23% from the previous year and the weakest showing since record keeping first began in 1963. The median sales price of new homes was $221K, down nearly 4% from $229K a year earlier. Still, they did increase 5% from November’s median price of $210K.

Unemployment remains the economy’s primary concern. The Labor Department announced the number of newly laid-off workers seeking unemployment benefits retreated by a less than expected amount last week. Jobless claims fell by 8K to a seasonally adjusted rate of 470K. Economists were looking for initial claims to drop to a rate of 450K. Meanwhile, the number of those continuing to receive benefits was reduced by 57K to 4.6M, while just over 5.6M were receiving extended benefits, a decrease of nearly 300K.

Earnings season rolls on and there’s a lot of economic data due up this week as well, highlighted by the January Employment report. Personal Income, Personal Spending, Construction Spending, Pending Home Sales, Factory Orders and Consumer Credit reports for December are due out as well, along with the ISM Index, Auto/Truck Sales, Challenger Job Cuts, ADP Employment Change, ISM Services for January, preliminary readings for Productivity and Unit Labor Costs for the 4Q, and weekly results for Initial Claims and Crude Inventories.