• International Business Confidence
• Businesses remain very nervous, expressing substantial concern regarding their present situation and prospects six months hence. Confidence is at a level consistent with a contracting economy in the U.S., marginal growth in Canada and Europe, and at the low end of potential growth in Asia and South America. Hiring intentions have fallen sharply since late January, and equipment investment has also notably weakened. Real estate firms and financial institutions are the most worried, but business service firms and even manufacturers and high-tech firms are measurably more nervous. Pricing pressures remain subdued despite currently high oil prices.

• International Trade (FT900)
• The nominal U.S. trade deficit in goods and services narrowed by 6.9% in December. The U.S. trade deficit came in at $58.76 billion, $4.36 billion less than November's $63.12 billion, according to the Bureau of Economic Analysis. In November, exports increased and imports decreased. The goods deficit with China narrowed to $18.8 billion, 0.6% less than December a year ago. Crude oil prices increased in December, which in turn increased the nation's total import bill for energy-related petroleum products to $32.9 billion.

• ABC News/Washington Post Consumer Comfort Index
• Consumer confidence continues to slide as housing evaporates, labor markets weaken, and energy prices remain elevated. According to the ABC News/Washington Post consumer comfort index, sentiment declined four points to -37 in the week ending February 10. Sentiment has been on a downward trajectory since September but the deterioration has accelerated over the past month. Sentiment has declined 17 points since January, making this its second largest decline on record, surpassed only by the 1990-1991 recession.

• Treasury Budget
• The unified surplus for January was $18 billion, above the CBO's preliminary estimate of a $15 billion surplus. The federal government has run a deficit of $88 billion through the first four months of fiscal year 2008; this is more than double the deficit at the same point in fiscal year 2007. After a few years of improvement, the federal budget deficit is again widening.

• NAR Metro Prices
• Housing markets are collapsing across the nation, according to the National Association of Realtors' report on fourth quarter 2007 regional activity. Home sales continue to descend, with only one state posting a y/y increase. Metro area house prices are rapidly falling: More than half of the reported MSAs are sustaining a y/y decline in median prices. The greatest price declines are in Florida, California and the Midwest.

• Retail Sales (MARTS)
• Total retail sales unexpectedly rose 0.3% in January, following an unrevised 0.4% decline in December. Stunningly, sales at auto dealers increased despite the huge decline in unit auto sales. Hence, non-auto sales rose the same 0.3% after falling 0.3% in December (originally reported as a 0.4% decline).

• Business Inventories (MTIS)
• On the back of weak sales, total business inventories increased by 0.6% in December. Retail inventories are the new piece of data in this morning's report, and these fell by 0.1%. Sales fell across all categories and, on aggregate, declined by 0.5%. The I/S ratio crept up slightly in response, now up to 1.26 from 1.25 previously.

• MBA Mortgage Applications Survey
• The MBA market composites finished down for the week. The market index ended the week of February 8 at 1,063.5, down 2.1% from the previous week. The purchase index finished at 403.9, down slightly by 0.3% from the last week. The refinance index finished at 4,901.5, down 3% from the last week. Although the indications are that refinancing activity is starting to ebb, this is still a substantial amount. The purchase indicator is still stuck at a substantially lower level than the 2007 average.

• Chain Store Sales
• Chain store sales fell in the week ending February 9, continuing the recent inconsistent pattern of growth according to the International Council of Shopping Centers. Sales declined 0.7%, but year-over-year growth inched up 1.8%. Warmer-than-normal weather in large parts of the country provided little lift to sales.

• Jobless Claims
• Initial jobless claims fell by 9,000 to 348,000. Most of the new year volatility is now in the past, and as evident by this latest claims figure, layoffs remain elevated compared with their trend through much of 2007.

• Oil and Gas Inventories
• Crude oil inventories rose by 1.1 million barrels for the week ending February 8 according to the Energy Information Administration, short of expectations of a 2.4 million barrel build. Distillate supplies fell by 0.1 million barrels, above expectations of a 1.4 million barrel decline. Gasoline inventories rose by 1.7 million barrels, slightly ahead of expectations of a 1.5 million barrel build. Refinery operating capacity rose to 85.1% from 84.3%. This report will have little impact on oil prices.

• Weekly Natural Gas Storage Report
• Underground storage of natural gas declined by 120 billion cubic feet during the week ending February 8, nearly identical to the consensus forecast, which called for a decline of 119 billion cubic feet. Inventories currently stand 8.6% below their year-ago level.

Source: Economy.com 2008

• Tilly's
• Tilly's operates 73 locations throughout AZ, CA, CO, FL and NV.
• The stores, offering apparel, shoes and accessories, occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in malls and lifestyle, outlet, power and strip centers.
• Plans call for 30 openings throughout AZ, CA, CO, DE, FL, MD, NJ, NV, PA and VA during the coming 18 months.
• Typical leases run 10 years with options.
• Preferred cotenants include Target, Old Navy, department stores, sporting goods stores and movie theaters.
• Preferred demographics include a population of 300,000 within 10 miles earning $70,000 as the average household income.
• For more information, contact
  • John Burgess,
  • Tilly's,
  • 10 Whatney,
  • Irvine, CA 92618; W
  • eb site: www.tillys.com.

Bald Eagles at Farmington Bay

• Farmington Bay WMA
• 1700 West Glover Lane (925 South)
• Farmington, UT

Directions to: The Great Salt Lake Nature Center at Farmington Bay WMA Coming From Salt Lake or from South of Farmington

• To reach the WMA, travel north on I-15, and exit the freeway at Exit 324.
• Turn left on Park Lane and travel west.
• The road will angle to the south, and you'll come to Clark Lane at the first traffic light.
• Turn right. Travel west to the first stop sign, which is at 1525 West, and turn left.
• Travel south to Glover Lane, and turn right.
• Travel west on Glover Lane for about two blocks until you come to 1700 W.
• Turn left on 1700 W. and travel south to the Great Salt Lake Nature Center.
• You can park in the parking lot.
• Estimated drive time from downtown Salt Lake City: 30 minutes