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Unemployment
Initial jobless claims rose by 7,000 to 480,000 in the week ended Dec. 12, from a revised 473,000 the prior week, the U.S. Labor Department said Thursday. The number of people receiving unemployment insurance was little changed in the prior week, while those getting extended payments increased.
The 473,000 number was more than anticipated, a reminder that the labor market will take time to strengthen.
Dec 17 · 10:49:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Housing
Bloomberg.com reports that 2009 foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to real estate company, RealtyTrac Inc. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
On the bright side, November filings fell 15 percent from the July peak and dropped 8 percent from October. That was the fourth straight monthly drop. Still, “we are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”
Dec 10 · 7:53:00 PM · Source: Bloomberg.com
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by Rich Pike
Government Spending
Rueters reports that according to the CBO the U.S. Government is already $292 billion in the red for fiscal 2010. That's right, in just October and November the U.S. Government has already spent $292 billion more than it has taken in. That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
At some point we are going to have to borrow so much money to fund the deficit that there simply will not be enough demand out there to buy all that debt, especially not at current rates.
Dec 9 · 3:17:00 PM · Source: Reuters
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by Rich Pike
Unemployment
The unemployment rate unexpectedly fell in November to 10 percent, from 10.2 percent in October, as employers cut the fewest number of jobs since the recession began. The economy shed 11,000 jobs last month -- a sharp improvement from October's revised total of 111,000. The average work week also rose to 33.2 hours, from a record low of 33 hours, along with average earnings.
These are all good signs that the economy is improving. Of course, it could not keep getting worse forever. So, the real test will be seeing how sustainable the good news is, and at what pace improvement takes place.
Dec 4 · 2:36:00 PM · Source: Yahoo Finance
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by Rich Pike
Retail Sales
CNBC.com is reporting that U.S. retailers from Macy's to Costco posted much weaker-than-expected sales for November as shoppers focused only on big bargains at the start of the key holiday selling season. Out of 15 retailers that reported by early Thursday, 11 missed analyst estimates, including Costco Wholesale, Children's Place, Walgreen and Hot Topic, according to Thomson Reuters data.
This is not encouraging for retail sales for the holiday shopping season.
Dec 3 · 12:35:00 PM · Source: CNBC.com
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by Rich Pike
Unemployment
The number of Americans filing first- time claims for unemployment benefits fell last week to the lowest level in more than a year. The U.S. Labor Dept. said Thursday that initial jobless claims declined by 5,000 to 457,000 in the week ended Nov. 28, the fewest since September 2008.
Dec 3 · 11:47:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Unemployment
Planned firings fell 72 percent in November to 50,349 from 181,671 during the same month last year, a Chicago-based placement firm said. Challenger, Gray & Christmas Inc. said planning firings were also down 9.6 percent from October.
The firm's CEO said that "barring any unexpected shocks to the economy, we appear to be coming out of the woods when it comes to downsizing.
Dec 2 · 1:30:00 PM
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by Larry Etter
Unemployment
Private sector non-farm employment decreased by 169,000 in November,according to the ADP National Employment Report.
The report, though, shows that the pace of job losses is slowing.
Dec 2 · 1:26:00 PM · Source: ADP
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by Larry Etter
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