For Risti Ariyani, the dream of working abroad and helping her family is over. Her contract with a computer components factory in Malaysia was abruptly canceled because of the global financial crisis, leaving her no choice but to return home to Central Java. “My family was counting on me,” the 20-year-old said. “Everyone, including my […]
By KRIS HUDSON and VANESSA O’CONNELL CHARLOTTE, N.C. — Malls, those ubiquitous shopping meccas that sprang up in the 1950s, are dwindling in number, with many struggling properties reduced to largely vacant shells. On the low-income east side of Charlotte, N.C., the 1.1-million-square-foot Eastland Mall recently lost a slew of key tenants, including a Dillard’s […]
From Calculated Risk: The graph shows weekly claims and continued claims since 1971. The four-week moving average is at 628,500, off 30,250 from the peak 6 weeks ago. Continued claims are now at 6.66 million – an all time record. … Unemployment Claims: Continued Claims at Record 6.66 Million Technorati Tags: financial collapse
From Calculated Risk: Total housing starts were at 458 thousand (SAAR) in April, the all time record low. The previous record low was 488 thousand in January (the lowest level since the Census Bureau began tracking housing starts in 1959). Single-family starts were at 368 thousand (SAAR) in April; just above the revised record low […]
From Calculated Risk: As everyone knows, investment in single family structures has fallen off a cliff. This is the component of RI that gets all the media attention – although usually from stories about single family starts and new home sales. … Home improvement is at 1.15% of GDP, off the high of 1.30% in […]
Abandoned factories. Foreclosed homes. Crime. Poverty. Unemployment. Endless gridlock. The richest country in the world has it all in spades. In some places, you may not notice it too much. Conversely, some cities have taken on more than their fair share of misery. There are plenty of lists out there like “cities with worst unemployment” […]
From Calculated Risk: This graph shows Capacity Utilization. This series is at another record low (the series starts in 1967). In addition to the weakness in industrial production, there is little reason for investment in new production facilities until capacity utilization recovers. … Industrial Production Declines, now 16% Below Peak Technorati Tags: financial collapse
From Calculated Risk: The first graph shows weekly claims and continued claims since 1971. The four-week moving average is at 630,500, off 28,250 from the peak 5 weeks ago. Continued claims are now at 6.56 million – an all time record. … Unemployment Claims: Continued Claims Surge Past 6.5 Million Technorati Tags: financial collapse
From Calculated Risk: The first graph shows weekly claims and continued claims since 1971. The four-week moving average is at 623,500, off 35,250 from the peak 4 weeks ago. Continued claims are now at 6.35 million – an all time record. … Weekly Unemployment Claims Decline; Record Continued Claims Technorati Tags: financial collapse
By Gregor Peter Schmitz and Gabor Steingart The financial crisis in the US has triggered a social crisis of historic dimensions. Soup kitchens are suddenly in great demand and tent cities are popping up in the shadow of glistening office towers. Even drug dealers are feeling the pinch. … In the United States, the economic […]
