Friedman has become quite the doomer lately: …Let’s today step out of the normal boundaries of analysis of our economic crisis and ask a radical question: What if the crisis of 2008 represents something much more fundamental than a deep recession? What if it’s telling us that the whole growth model we created over the […]
From Calculated Risk: One more stunning graph from the employment report… From the BLS report: In February, the number of persons who worked part time for economic reasons (sometimes referred to as involuntary part-time workers) rose by 787,000, reaching 8.6 million. The number of such workers rose by 3.7 million over the past 12 months. […]
By Gerald Celente Kingston, NY — “The Greatest Depression,” that is The Trends Research Institute forecast, well before Wall Street or Washington would acknowledge recession, is upon us. The global financial markets are collapsing. All the experts’ cautious predictions and business media’s hopeful expectations at the New Year for an economic turnaround and imminent market […]
From Calculated Risk: And from CNN: Unemployment hits 25-year high Jobless rate hits 8.1% in February as a record-high 12.5 million people are unemployed. By Chris Isidore, CNNMoney.com senior writer NEW YORK (CNNMoney.com) — The U.S. economy continued to hemorrhage jobs in February, bringing total job losses over the last six months to more than […]
I love the smooth nonlinearity of the curves since 2006. From Calculated Risk: The DOL reports on weekly unemployment insurance claims: In the week ending Feb. 28, the advance figure for seasonally adjusted initial claims was 639,000, a decrease of 31,000 from the previous week’s revised figure of 670,000. The 4-week moving average was 641,750, […]
By Roger Vincent By day, it’s far too quiet at the site of a planned housing and retail development on a former Navy base in Oakland. At night, neighbors can hear the thieves come out. They rip out copper wire, haul away pipes and take anything else they can steal from dozens of buildings on […]
Glut caused by world slowdown leaves the world awash in crude NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room. As […]
From The Big Picture: Here is your utterly insane stat for the weekend: According to the Chicago Tribune, the median price for a home sold in the month of December 2008 in Motor City is Seven Thousand, Five Hundred dollars. I had to write it out that way because I simply couldn’t wrap my head […]
From Calculated Risk: New home sales in January 2009 (309 thousand SAAR) were 10.2% lower than last month, and were 48% lower than January 2008 (597 million SAAR). See link for graphs of sales and inventory. There was some discussion that the seasonal adjustment might be distorting the sales number. The following graph of the […]
From Calculated Risk: The Census Bureau reports New Home Sales in January were at a seasonally adjusted annual rate of 309 thousand. This is the lowest sales rate the Census Bureau has ever recorded (starting in 1963). The graph shows New Home Sales vs. recessions for the last 45 years. New Home sales have fallen […]
