{"id":192081,"date":"2009-05-14T17:18:00","date_gmt":"2009-05-14T22:18:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/14\/economics-update-221\/"},"modified":"2009-05-14T17:18:00","modified_gmt":"2009-05-14T22:18:00","slug":"economics-update-221","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/05\/14\/economics-update-221\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p><a href=\"http:\/\/www.calculatedriskblog.com\/2009\/05\/mba-commercialmultifamily-mortgage-loan.html\"><img decoding=\"async\" src=\"http:\/\/img2.imageshack.us\/img2\/7835\/mbacre3515823.jpg\" style=\"margin: 0px 0px 10px 10px; float: right; cursor: pointer;\" width=\"375\" \/><\/a><a href=\"http:\/\/www.housingwire.com\/2009\/05\/13\/post-moratorium-foreclosure-sales-surge\/\"><img decoding=\"async\" src=\"http:\/\/img245.imageshack.us\/img245\/1074\/foreclosuresales0022857.png\" style=\"margin: 0px 0px 10px 10px; float: right; cursor: pointer;\" width=\"375\" \/><\/a>So, <a href=\"http:\/\/www.marketwatch.com\/story\/jobless-claims-jump-on-chrysler-bankruptcy\">initial jobless claims rose 32,000 637,000<\/a> (seasonally adjusted) worse than expected, the four-week moving average rose by 6,000 to 630,500, and continuing claims rose by 202,000 to a record 6.56 million.<\/p>\n<p>Meanwhile <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=ax_KvzlBwI4s\">producer prices rose unexpectedly by 0.3%<\/a>, indicating that, perhaps, the inflation genie is not as firmly in the bottle as one would hope.<\/p>\n<p>Meanwhile, in real estate, <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601109&amp;sid=a6DMLSwbH.aQ&amp;refer=home\">office rents in London have fallen to 1991 levels<\/a>, as a combination of overbuilding and the implosion of &#8220;The City&#8221;, the UK Wall Street have driven down rents.<\/p>\n<p>We are <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=amIJt1OBFTqg\">seeing the same thing in retail space<\/a>, with rents falling and concessions increasing, at such high profile locations as Rodeo Drive, 5th Avenue, Bond Street, and the Champs Elysees.<\/p>\n<p>It&#8217;s no wonder then, that <a href=\"http:\/\/www.calculatedriskblog.com\/2009\/05\/mba-commercialmultifamily-mortgage-loan.html\">commercial and multi-residential mortgage loan originations have fallen sharply<\/a>. (top pic)<\/p>\n<p>Also, <a href=\"http:\/\/www.housingwire.com\/2009\/05\/13\/post-moratorium-foreclosure-sales-surge\/\">the HousingWire has a good picture on the surge in foreclosures<\/a> that I noted yesterday. (bottom pic)<\/p>\n<p>Neanwhile, energy and the dollar seem to be at odds with each other, with <a href=\"http:\/\/money.cnn.com\/2009\/05\/14\/markets\/oil\/\">oil up today<\/a>, it appears on the belief of a recovery, and the <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&amp;sid=as3t3zvcsqak\">dollar also up<\/a>, on economic insecurity.<\/p>\n<p>Go figure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, initial jobless claims rose 32,000 637,000 (seasonally adjusted) worse than expected, the four-week moving average rose by 6,000 to 630,500, and continuing claims rose by 202,000 to a record 6.56 million. Meanwhile producer prices rose unexpectedly by 0.3%, indicating that, perhaps, the inflation genie is not as firmly in the bottle as one would &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,975,1135,1004,1200,1088,1089],"tags":[],"class_list":["post-192081","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-employment","category-energy","category-finance","category-inflation","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192081"}],"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=192081"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192081\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}