Saturday, August 15, 2009
- The worst employment slump in seven decades has caused salaries to stagnate, rocking even Americans who still have jobs. The need to rebuild savings following the record drop in wealth from the plunge in stocks and home values will keep limiting spending in coming months, analysts said. (Bloomberg)
- Foreclosure filings in the U.S. climbed to a record for the third time in five months in July as falling home prices and the recession left more homeowners unable to keep up payments or refinance. (Bloomberg)
- More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago. (Chicago Business CBS)
- Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier. (Chicago Business CBS)
- In July, the number of unemployed persons was 14.5 million. (U.S. Bureau of Labor Statistics)
- Manufacturing employment fell by 52,000 in July and has declined by 2.0 million since the recession began. (U.S. Bureau of Labor Statistics)
- The Federal Reserve bought nearly half of the debt that had been offered at auction on August 6 involving the 7-year Treasury Issuance. (Hyperinflation very soon...)
- On a year-over-year basis, total sales were down 8.3% vs. being down 8.9% year over year in June. This is all due to a huge swing in autos, which were down 7.3% in July from a year ago versus being down 14.3% year over year in June. Excluding autos, the year-over-year decline actually accelerated to -8.5% from -7.8%. (Yahoo Finance)
- Real estate lender Colonial BancGroup Inc. has been shut down by federal officials in the biggest U.S. bank failure this year. Regulators also closed four other banks: Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh. The closures boosted to 77 the number of federally insured banks that have failed in 2009.
- This should let you know everything.
Click here to read part 2.
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now thats some funny ish but u right, defaltion every where ecept NYC, artifical market do to fed spending, u name it 1 million dollar bill
yea i feel u but i still think its only a matter of time till inflation in anything priced in dollars especially if the dollar breaks that 78 index level and drops down to 72 or maybe even 67. At 72 last year was $4 gas and rising prices for everything