{"id":191781,"date":"2009-06-25T17:23:00","date_gmt":"2009-06-25T22:23:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/25\/economics-update-192\/"},"modified":"2009-06-25T17:23:00","modified_gmt":"2009-06-25T22:23:00","slug":"economics-update-192","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/25\/economics-update-192\/","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:\/\/img29.imageshack.us\/img29\/4342\/090625impactofforeclosu.gif\" bordercolor=\"white\" border=\"0\" width=\"400\" \/><br \/>It looks like the divergence between new and existing home sales is distressed sales<br \/><span style=\"font-style: italic;\">H\/t <a href=\"http:\/\/themessthatgreenspanmade.blogspot.com\/2009\/06\/more-reasons-to-disbelieve-nar.html\">The Mess That Greenspan Made<\/a><\/span><\/div>\n<p>New unemployment claim numbers are out, and they <a href=\"http:\/\/www.cnbc.com\/id\/31542483\">posted a surprise gain<\/a>, rising 15K, to 627K, as opposed to the predicted drop to 600K, while continuing claims rose slightly, and the 4 week moving average was basically unchanged.<\/p>\n<p>We also have the revised figures for the 1<sup>st<\/sup> quarter GDP, which <a href=\"http:\/\/www.marketwatch.com\/story\/gdp-revised-to-55-decline-in-first-quarter\">fell at a 5.5% annual rate<\/a>, a slight upward revision from the 5.7% estimate last month.<\/p>\n<p>Meanwhile, yesterday&#8217;s Fed statement appears to have fears of increasing interest rates, so <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=a8QUxZTSjaXg\">2-Year Treasuries rose, meaning that the yield fell<\/a>.<\/p>\n<p>Additionally, the Fed announced that it is <a href=\"http:\/\/www.reuters.com\/article\/businessNews\/idUSTRE55O4DO20090625?feedType=RSS&amp;feedName=businessNews\">extending its emergency facilities from October to February<\/a>, so the sh&amp;^pile for cash has at least 5 more months life.<\/p>\n<p>The jobs numbers served to <a href=\"http:\/\/money.cnn.com\/2009\/06\/25\/markets\/dollar.reut\/index.htm\">drive the dollar up<\/a> as investors looked for safe havens, and <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aCGx2xKbD0Z8\">oil rose on more reports of Nigerian unrest<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like the divergence between new and existing home sales is distressed salesH\/t The Mess That Greenspan Made New unemployment claim numbers are out, and they posted a surprise gain, rising 15K, to 627K, as opposed to the predicted drop to 600K, while continuing claims rose slightly, and the 4 week moving average was &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1089],"tags":[],"class_list":["post-191781","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191781"}],"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=191781"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191781\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}