{"id":195763,"date":"2008-06-16T17:21:00","date_gmt":"2008-06-16T22:21:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/16\/economics-update-438\/"},"modified":"2008-06-16T17:21:00","modified_gmt":"2008-06-16T22:21:00","slug":"economics-update-438","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/16\/economics-update-438\/","title":{"rendered":"Economics Update"},"content":{"rendered":"<p>The <a href=\"http:\/\/money.cnn.com\/2008\/06\/16\/news\/economy\/manufacturing_survey\/index.htm?postversion=2008061610\">Empire State Manufacturing Index droppeed 5 points<\/a>, to -8.7 (0 is neutral), indicating further weakness.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2008\/06\/16\/markets\/oil\/index.htm?cnn=yes\">Oil is down for the day by a quarter<\/a>, but it hit a new record of $139.89\/bbl before settling, and <a href=\"http:\/\/money.cnn.com\/2008\/06\/16\/news\/economy\/gas_prices\/index.htm\">retail gasoline hit another record<\/a>, now having hit a record on something like 25 days of going back a month.<\/p>\n<p>It&#8217;s not surprising that <a href=\"http:\/\/money.cnn.com\/2008\/06\/16\/markets\/dollar.ap\/index.htm\">the dollar was down today<\/a>, though I&#8217;m not sure if this drove oil, or oil drove this.<\/p>\n<p>In banking, we have <a href=\"http:\/\/money.cnn.com\/2008\/06\/16\/news\/international\/bc.apfn.eu.fin.com.britain.barclays.ap\/index.htm?postversion=2008061610\">Barclays looking at selling shares to raise capital<\/a> to cover losses in the US mortage market, and <a href=\"http:\/\/www.cnbc.com\/id\/25161379\">Lehman had some sort of hush-hush weekend meeting<\/a>, which might indicate some problems, though it&#8217;s reassuring that they <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aUaATIhHZFjY&amp;refer=home\">reduced their mortgage holdings<\/a> by 20%, which indicates a bit of common sense.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Empire State Manufacturing Index droppeed 5 points, to -8.7 (0 is neutral), indicating further weakness. Oil is down for the day by a quarter, but it hit a new record of $139.89\/bbl before settling, and retail gasoline hit another record, now having hit a record on something like 25 days of going back a &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1080,973,1135,1089],"tags":[],"class_list":["post-195763","post","type-post","status-publish","format-standard","hentry","category-currency","category-economy","category-energy","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195763"}],"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=195763"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195763\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}