Despite the fact that the groundhog predicted six more weeks of winter this past week retailers saw sales rise as abnormally warm weather across the county drove Spring-related items. Overall, for the week ending February 4, 2012, weekly retail sales rose sharply by 1.8%

Index climbed 1.8% in the week ended Saturday from the week before on a seasonally adjusted, comparable-store basis, rising for the second-straight week. ICSC noted last week was the warmest week for a comparable period in more than 20 years, which hurt the demand for some winter goods but may have gotten consumers thinking about spring fashion. On a year-on-year basis, the reading rose 3.5%.

An improving job market may be giving households the courage to take on more debt in order to sustain spending, which accounts for about 70% of the economy.

Non-revolving debt, including educational and auto loans increased by $16.6 billion in December, the biggest gain since November 2001.

Low mortgage rates are boosting demand for both purchases and refinancing with the 30-year fixed rate for conforming loans ($417,500 or less) down 4 basis points to 4.05%.

Oil inventories rose 0.3 million barrels to 339.2 million barrels. Weak demand made for another set of builds in petroleum inventories in the February 3 week.

The number of Americans applying for unemployment benefits fell again last week.

Initial claims are a good indicator of whether layoffs are rising or falling. They�ve declined sharply since last summer, meaning that more people are finding work or fewer are losing their jobs.

The four-week average of claims, meanwhile, fell by 11,000, to 366,250 to mark the lowest level since April 2008.

The monthly average smooths out seasonal quirks and provides a more accurate glimpse into labor-market trends, economists say. Hiring is generally viewed as improving when weekly claims drop below the 400,000 mark.

8.3% unemployment is painfully high. Nearly 13 million people remain unemployed. And one reason the unemployment rate has fallen for five straight months is that many people have stopped looking for work. The government only counts people as unemployed if they are actively searching for a job.

Stockpiles at the wholesale level account for about 27% of total business inventories. Stockpiles held by retailers make up about one-third of the total and manufacturing inventories represent about 41% of the total.

Companies tend to build their inventories when they expect stronger sales. Economists believe businesses will keep building inventories in 2012. But they expect the pace to slow from the fourth quarter growth.

The 30-year-fixed mortgage rate held the record low it hit a week ago, while average interest rates on the 15-year-fixed mortgage and other loan products inched higher in response to positive job-market news for January.

The economy gained 243,000 jobs last month, the largest monthly gain since April 2011, and the unemployment rate fell to 8.3%, which was the lowest since February 2009.

For the February 9 week, the Fed's balance sheet rose $3.3 billion after expanding $5.4 billion the week before.

The balance sheet of the U.S. Federal Reserve increased slightly over the last week as the central bank continued with a plan to adjust its portfolio and stimulate an economy it expects to grow only modestly this year.

benchmark crude prices rose by $1.13 to end at $99.84 per barrel in New York. Brent crude rose by $1.39 to finish $118.59 per barrel in London. Prices increased after Greece agreed on new spending cuts and other austerity measures that were necessary to receive an international bailout. The deal eased concerns of bank failures that could impact Europe�s economy and reduce petroleum demand.

Energy demand tends to rise as the economy creates jobs and more people enter the daily commute.

The shipping sector in coming months is expected to face a supply glut and glum economic outlook, including concerns over Chinese demand for raw materials, which will pressure earnings. Weather and other disruptions in Australia and Brazil last month together with slower restocking due to an earlier Lunar New Year holiday in China this year have hit cargo activity in recent weeks.�

Congress has shown little ability recently to make difficult changes to tax levels or spending programs to reduce the deficit. The federal deficit was lower through the first four months of the budget year than the same period last year. Still, the deficit is expected to top $1 trillion for the fourth year in a row, putting more pressure on Congress and President Barack Obama in an election year.

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