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The weak employment situation summary for June 2009
Jul
Jobless claims still above 600,000
Jul
The U.S. Department of Labor released the latest data for unemployment insurance as it does every Thursday at 830ET. The seasonally adjusted numbers reported were 614,000 initial claims and 6.702 million continuing claims. While this report reinforced the trend of a general decline in jobless claims, it also makes plain that this decline is exceedingly slow.
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Bill Gross thinks the June unemployment data is bad
Jul
Now, Bill Gross, the Bond King, knows that bonds go up in price when bad economic data comes out. So, leaving aside the desire to talk one’s own book, I think Gross makes a number of good points on CNBC about the unemployment data which came out at 830 ET. His basic point is this: no jobs and no wage growth equals no recovery.
We need to see incomes… Continue reading
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467,000 jobs lost in the U.S. in June 2009
Jul
Here is how the Bureau of Labor Statistics describes the situation.
THE EMPLOYMENT SITUATION: JUNE 2009
Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing… Continue reading
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The purpose of health care reform
Jul
As Americans ponder the health care reform initiatives now coming from Congress and the Obama Administration, I want to say a few words about what the subject means to me.
America is often touted as the richest country in the world. It is certainly a rich nation with an advanced economy. As such, certain basic services and protections should be taken for granted. What is the point of being… Continue reading
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Consumer credit down a massive 33% in Spain
Jul
Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment. Below is my translation of part of a Spanish-language article explaining the situation.
Consumer credit fell by 33.7% in the first quarter, to €5.796 billion, and late payments rose to 17.54%, according to the National Association of Financial Institutions Credit (Asnef).… Continue reading
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Can I borrow the full amount and an extra 25% too?
Jul
Apparently the answer to this question is yes. CNBC is reporting that home ‘owners’ who refinance their mortgages through loans backed by Fannie and Freddie will be able to borrow up to 125% of their homes’ value (hat tip Marshall Auerback). That’s not a typo: we’re talking no-money down and 25% cash back. Sign me up.
Homeowners refinancing their mortgages through loans backed by government… Continue reading
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ISM: Is this the mother of all inventory corrections?
Jul
The June 2009 Manufacturing ISM Report On Business® came out today and we saw yet another rise in the PMI to 44.8. While equity markets in the U.S. seemed pretty pleased that the numbers continue to go up, I found this report a bit troubling. Let me tell you why.
Back on January 2nd, we saw the ISM at a 28-year low of 32.4. With 50 as the break… Continue reading
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What’s in your wallet? Probably higher interest rates.
Jul
FT Alphaville is reporting that the credit rating agency Fitch puts credit card losses at 10.4% of outstanding loans. This is a record. Bad news if you are a credit card company. So, what does one do in that situation? You raise rates on customers that are paying, silly.
Citi’s rate increases emerged on the day the government proposed legislation to create a new… Continue reading
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Cultural attitudes on work, leisure and wealth in Europe and America
Jul
I happened upon an article about shops being closed in France that highlighted a larger issue about cultural attitudes in the U.S. and Europe regarding work, leisure and material wealth. I would like to share some thoughts with you on these issues because I think they are significant in regards to savings, debt and other issues at the heart of the recent economic bubble and meltdown.
Shops closed? How… Continue reading
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- The purpose of health care reform
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- Consumer credit down a massive 33% in Spain
- Can I borrow the full amount and an extra 25% too?
