{"id":191719,"date":"2009-07-02T17:25:00","date_gmt":"2009-07-02T22:25:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/07\/02\/economics-update-187\/"},"modified":"2009-07-02T17:25:00","modified_gmt":"2009-07-02T22:25:00","slug":"economics-update-187","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/07\/02\/economics-update-187\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; width: 410px; float: right; text-align: center;\"><img decoding=\"async\" src=\"http:\/\/img43.imageshack.us\/img43\/8052\/6a00d83451c45669e201157.jpg\" bordercolor=\"white\" border=\"0\" width=\"400\" \/>Scary Picture of the Day<span style=\"font-style: italic;\"><br \/>H\/T <a href=\"http:\/\/www.calculatedriskblog.com\/2009\/07\/employment-report-467k-jobs-lost-95.html\">Calculated Risk<\/a><\/span><\/div>\n<p>Today is the official unemployment numbers, and they are worse than expected.  Non-Farm payroll <a href=\"http:\/\/www.cnbc.com\/id\/31705608\">fell by 467K, and unemployment (U-3) rose to 9.5%<\/a>.<\/p>\n<p>For those of you following the more expansive, and to my mind, more accurate, U-6, it <a href=\"http:\/\/www.bls.gov\/news.release\/empsit.t12.htm\">rose to 16.6%<\/a>.<\/p>\n<p>Unemployment is <a href=\"http:\/\/www.cnbc.com\/\/id\/31703107\">hitting new highs in the Euro zone too<\/a>, which is why the <a href=\"http:\/\/www.cnbc.com\/\/id\/31704511\">ECB is keeping its rates at 1%<\/a>.<\/p>\n<p>It&#8217;s no wonder that a CNN\/Opinion Research Corporation survey  <a href=\"http:\/\/money.cnn.com\/2009\/07\/02\/news\/economy\/economic_recovery_CNN_poll.cnnw\/index.htm?section=money_topstories\">showed that people are getting more pessimistic about the economy.<\/a><\/p>\n<p>We do have a bit of good news, with <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=adVX5mNHfgP4\">factory orders rising in May<\/a>, and<br \/><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=a5WJtkeFK5yU\">mortgage rates falling this week<\/a>.<\/p>\n<p>In energy, both <a href=\"http:\/\/money.cnn.com\/2009\/07\/02\/markets\/oil.reut\/index.htm?section=money_topstories\">crude oil<\/a> and <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=ar4ExysXhCRY\">wholesale gasoline<\/a> prices fell, on the weak employment numbers and expanding inventory.<\/p>\n<p>The investor flight to safety has <a href=\"http:\/\/money.cnn.com\/2009\/07\/02\/markets\/dollar.reut\/index.htm\">strengthened the dollar<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scary Picture of the DayH\/T Calculated Risk Today is the official unemployment numbers, and they are worse than expected. Non-Farm payroll fell by 467K, and unemployment (U-3) rose to 9.5%. For those of you following the more expansive, and to my mind, more accurate, U-6, it rose to 16.6%. Unemployment is hitting new highs in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,984,1004,1089],"tags":[],"class_list":["post-191719","post","type-post","status-publish","format-standard","hentry","category-economy","category-europe","category-finance","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191719"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=191719"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191719\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}