{"id":193407,"date":"2008-12-17T22:08:00","date_gmt":"2008-12-18T03:08:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/17\/economics-update-321\/"},"modified":"2008-12-17T22:08:00","modified_gmt":"2008-12-18T03:08:00","slug":"economics-update-321","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/17\/economics-update-321\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>Starting with real estate, the <a href=\"http:\/\/www.aia.org\/release_121708_abi\">Architecture Billings Index fell to an all time low in November<\/a>, surpassing the all time low in October. (H\/t <a href=\"http:\/\/www.calculatedriskblog.com\/2008\/12\/architecture-billings-index-hits.html\">Calculated Risk<\/a>)<\/p>\n<p>Also, if you read about houses moving in Southern California, please remember that <a href=\"http:\/\/www.dqnews.com\/News\/California\/Southern-CA\/RRSCA081216.aspx\">55% of those sales are foreclosures<\/a>. (Again, H\/t <a href=\"http:\/\/www.calculatedriskblog.com\/2008\/12\/dataquick-socal-55-of-home-sales-are.html\">Calculated Risk<\/a>)<\/p>\n<p>We are also seeing <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601110&amp;sid=an_uhuU0PRgI\">treasury yields down in expectation of an abysmal Fed Bank of Philadelphia\u2019s general economic index<\/a> at 10:00am on Thursday.<\/p>\n<p>In currency, what can you say?  The fed cuts rates to basically 0%, and it&#8217;s <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=a4WSIUmpLcaM&amp;refer=home\">down against other major currencies<\/a>.<\/p>\n<p>In energy, <a href=\"http:\/\/money.cnn.com\/2008\/12\/17\/markets\/oil\/\">OPEC pledged cuts of 2.2 million bbl\/day from production<\/a>, but the price fell anyway, to below $40\/bbl(!), because investors do not think that it is enough, and because they think that member nations will cheat.<\/p>\n<p>On the other hand, it does appear that <a href=\"http:\/\/money.cnn.com\/2008\/12\/17\/news\/economy\/gasoline\/index.htm\">retail gasoline has finally bottomed out<\/a>, as it&#8217;s up by $0.006\/gal today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting with real estate, the Architecture Billings Index fell to an all time low in November, surpassing the all time low in October. (H\/t Calculated Risk) Also, if you read about houses moving in Southern California, please remember that 55% of those sales are foreclosures. (Again, H\/t Calculated Risk) We are also seeing treasury yields &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1089],"tags":[],"class_list":["post-193407","post","type-post","status-publish","format-standard","hentry","category-economy","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193407"}],"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=193407"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193407\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}