Post by Chris_Wendt on Aug 13, 2009 14:53:02 GMT -5
The 4-week moving average of initial jobless claims increased this week by 8,500 up to 565,000 people laid off on average each week for the past 4 weeks.
That is 2.26 Million people who have recently lost their jobs.
There are 6.2 million people collecting unemployment benefits at this time.
It should not be surprising, then, that retail sales fell last month. Economists had predicted that retail sales would actually rise in July. I cannot imagine why they would have predicted that, or, how they got the title, "Economists".
The price of crude oil is back above $70 per barrel, which is not good for most businesses and home owners.
Here, in the USA, despite recent gains in the stock market, there is no real economic recovery underway.
In emerging markets, and most recently in France and Germany, there are indications the recession may be ending, there. With the American economy lagging these others, the value of the dollar is weakening relevant to the Euro and some Asian currencies. This increases the cost to American businesses and consumers for goods and services produced in those regions.
I don't want this to come across as all doom-and-gloom, so let's just leave it at gloom; the economy and the economic outlook remain gloomy.
(Is there any such word as "doomy"? ..."doom-ey"?)
Glumly,
Chris Wendt
That is 2.26 Million people who have recently lost their jobs.
There are 6.2 million people collecting unemployment benefits at this time.
It should not be surprising, then, that retail sales fell last month. Economists had predicted that retail sales would actually rise in July. I cannot imagine why they would have predicted that, or, how they got the title, "Economists".
The price of crude oil is back above $70 per barrel, which is not good for most businesses and home owners.
Here, in the USA, despite recent gains in the stock market, there is no real economic recovery underway.
In emerging markets, and most recently in France and Germany, there are indications the recession may be ending, there. With the American economy lagging these others, the value of the dollar is weakening relevant to the Euro and some Asian currencies. This increases the cost to American businesses and consumers for goods and services produced in those regions.
I don't want this to come across as all doom-and-gloom, so let's just leave it at gloom; the economy and the economic outlook remain gloomy.
(Is there any such word as "doomy"? ..."doom-ey"?)
Glumly,
Chris Wendt