Thursday morning headlines

Market zigzag: Stocks were down a bit for the first 90 minutes, probably more of a pause than anything else, and now they're coming back.

Underestimating recovery?: Yesterday's retail sales numbers for March obviously got people's attention. From the WSJ:

In the latest Wall Street Journal economic-forecasting survey, three out of four economists, including many of the most optimistic, said their growth forecasts over the next 18 months will more likely prove too low than too high. On average, the 56 economists in the poll expect U.S. gross domestic product, a measure of all the money spent on goods and services, to rise an inflation-adjusted 3.1% in 2010. Some nudged their estimates upward Wednesday, with Barclays Capital going to 3.8% from 3.5%.

What about foreclosures?: California filings jumped 36 percent in March compared with a month earlier (down 13.6 percent from a year earlier). That's one filing per 144 households, second highest in the country, and another sign that the banks are clearing the decks. (RealtyTrac)

What about bankruptcies?: Nearly 5,200 individuals and businesses filed in L.A. County last month, a 75 percent jump from March 2009. From the OC Register:

Attorneys who specialize in bankruptcies continue to be busy, said Marc Winthrop of Winthrop Couchot in Newport Beach, which specializes in business bankruptcy reorganizations. "I think we will see an increase in filings," he said. "Bankruptcy (filings) are a trailing indicator, so they will increase even as the economy improves."

Eating out is back: Thousands of workers are being hired as restaurant owners report a pickup in business. March sales were up 1 percent from a year earlier, the first positive month in almost a year. From the NYT:

Malcolm M. Knapp, an industry analyst, said that even higher-price restaurants like steakhouses recently began showing some improvement. That would be welcome news to white-tablecloth chains like Ruth's Chris Steak House. Although Ruth's Chris has not yet reported its first-quarter financial results, the company reported a sales decline of 19.5 percent last year, on the heels of a 10 percent drop in 2008.

Ash disrupting flights: Not a great day to be flying to Europe - a plume of volcanic ash from Iceland has forced a number of airport closures. That will affect Europe-bound flights going out of LAX later today. (Washington Post)

Sam Zell grouses: He says that Obama is causing all kinds of problems and that there are similarities between the U.S. and Nero's Rome. "If the current situation is indicative of the next half century, I think we're screwed," he told a conference. (Reuters)

Interesting Tea Party stats: In NYT/CBS poll, 20 percent of the partiers say they have a household income of over $100,000, compared with 14 percent of all adults. Nearly all say that the economy is in bad shape.

Moratorium on rent increases?: City Councilman Richard Alarcon says that a one-year freeze for rent-controlled units could save families $300 to $500 a year. Landlords are not happy about the proposal. (Daily News)