{"id":193915,"date":"2008-11-07T18:18:00","date_gmt":"2008-11-07T23:18:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/07\/economics-update-347\/"},"modified":"2008-11-07T18:18:00","modified_gmt":"2008-11-07T23:18:00","slug":"economics-update-347","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/11\/07\/economics-update-347\/","title":{"rendered":"Economics Update"},"content":{"rendered":"

Unemployment rose to 6.5% from 6.1%<\/a>, a 14 year high, and total non farm employment fell by 240 thousand.<\/p>\n

Can we call it a recession already?<\/p>\n

If not, how about I draw you a picture<\/a>:
<\/p>\n

Meanwhile, the Institute for Supply Management’s manufacturing report fell to 38.9%<\/a>, the worst number since September 1983.<\/p>\n

And, just so now, the real estate recovery ain’t coming soon, not with Property & Portfolio Research Inc. the New York City metro commercial property vacancy rate hitting 17.6%<\/a>.<\/p>\n

FWIW, they had predicted a peak of 13% 3 months ago, but it’s already at 12%<\/span>.<\/p>\n

Meanwhile the National Association of Realtors\u00ae<\/sup> says that pending home sales fell 4.6% in Septmeber<\/a>.<\/p>\n

At least we are not in the UK, where house prices fell 15% year over year<\/a>.<\/p>\n

That being said, some of the indicators for the finance market appear to be moderating, with spreads edging down<\/a>, and money flowing back into mutual funds for the first time in 3\u00bd months<\/a>.<\/p>\n

Additionally, it looks like consumers are using their credit cards a bit more<\/a>.<\/p>\n

The bad economic news news has driven the dollar down<\/a>, and the weak dollar appears to have beaten recession today on the oil markets, where crude is up a smidgen<\/a>.<\/p>\n

Not surprisingly, Gasoline is down at the pump, the 51st<\/sup> day in a row<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unemployment rose to 6.5% from 6.1%, a 14 year high, and total non farm employment fell by 240 thousand. Can we call it a recession already? If not, how about I draw you a picture: Meanwhile, the Institute for Supply Management’s manufacturing report fell to 38.9%, the worst number since September 1983. And, just so …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1088,1089],"tags":[],"class_list":["post-193915","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-real-estate","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193915"}],"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=193915"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193915\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}