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Jobless claims still above 600,000
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…
Bill Gross thinks the June unemployment data is bad
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…
467,000 jobs lost in the U.S. in June 2009
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 purpose of health care reform
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…
Links: 2009-07-02
La tercera petrolera china ofrece 12000 millones por la filial argentina de Repsol - Finanzas The Chinese are all over the natural resource sector. CNPC has offered $17 billion for Repsol YPF assets in Argentina. Now CNOOC another…
Consumer credit down a massive 33% in Spain
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.…
Can I borrow the full amount and an extra 25% too?
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…
ISM: Is this the mother of all inventory corrections?
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…
What’s in your wallet? Probably higher interest rates.
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…
Cultural attitudes on work, leisure and wealth in Europe and America
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…