Some grim economic numbers
Posted by Khebab at The Oil Drum:
Caclulated Risk has a good series of charts showing how depressed the US economy is; no wonder oil demand is collapsing:
Vehicle miles driven are off a record 3.7% Year-over-year (YoY); the decline in miles driven is worse than during the early ’70s and 1979-1980 oil crisis:
Vehicle sales have plunged to just over a 10 million annual rate – the lowest rate since the early ’80s recession.
Continued unemployment claims are now at 4.61 million, just below the high time peak of 4.71 million in 1982.
Total housing starts were at 550 thousand (SAAR) in December, by far the lowest level since the Census Bureau began tracking housing starts in 1959.
The builder confidence index was at 8 in January, a new record low.
Capacity utilization … fell to 73.6% from 75.2%. This is the lowest level since December 2001. Industrial output fell at an 11.5% rate in the fourth quarter.
