{"id":191948,"date":"2009-06-03T17:21:00","date_gmt":"2009-06-03T22:21:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/03\/economics-update-207\/"},"modified":"2009-06-03T17:21:00","modified_gmt":"2009-06-03T22:21:00","slug":"economics-update-207","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/03\/economics-update-207\/","title":{"rendered":"Economics Update"},"content":{"rendered":"

Well, the ADP payroll estimate<\/a> is out, and they are estimating a drop of 532,000 in non-farm payrolls, which is better than last month, but is still in major league suckage<\/span> territory.<\/p>\n

The Institute for Supply Management\u2019s index of non-manufacturing businesses is in the same boat<\/a>, which covers the services sector, is still declining, but not quite as badly.<\/p>\n

So, things are getting worse less quickly, not getting better.<\/p>\n

Meanwhile in the junction of banking and real estate, S&P has downgraded 59 prime Residential Mortgage Backed Securities (RMBS<\/span>) to D<\/a>, which, according to the Wiki<\/a>, means, “Bankruptcy or lasting inability to make payments most likely.”<\/p>\n

With all this going on in mortgages, it is not surprising that we are seeing higher rates and fewer mortgage applications<\/a>.<\/p>\n

Well, at least we are not in Latvia, whose government was unable to sell debt today<\/a>….That’s right, we aren’t talking about paying more interest than anticipated, no one would buy their debt<\/span>.<\/p>\n

Mean while, the news of reduced demand and a surge in inventory drove oil down<\/a>, while the dismal economic news drove the dollar higher<\/a>, as investor looked for safe havens.<\/p>\n

My guess is that the trend in the dollar is down, and it will be firmly ensconced somewhere weaker than $1.50:\u20ac1.00 by year’s end<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, the ADP payroll estimate is out, and they are estimating a drop of 532,000 in non-farm payrolls, which is better than last month, but is still in major league suckage territory. The Institute for Supply Management\u2019s index of non-manufacturing businesses is in the same boat, which covers the services sector, is still declining, but …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1004,1088,1089],"tags":[],"class_list":["post-191948","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-finance","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191948"}],"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=191948"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191948\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}