Economic Situation Update

Last updated 10/15/09

Welcome to CDN’s economic situation update.  We constantly add information to this article as the economic situation changes.

Newest updates:

In this post you will find:

  • Opinion Polling Results
  • Information from the Bureau of Labor Statistics (employment/unemployment/jobs data)
  • Links to relevant articles on the economy
  • Actions our government is taking that will impact the economy
  • What’s happening in the global economic theater

Opinion Polling Results


Gallup:

  • Job creation index flat from September (10-11-09)
  • Consumer spending down 30% from year-ago levels and down roughly 5% from last month (10-11-09)
  • Consumer confidence flat (10-11-09)

Rasmussen Reports:

  • 49% believe the economy will be stronger in five years, down from 58% in July and 64% in March (10-09-09)
  • 72% tax hikes for incomes under $250,000 (10-11-09)
  • Consumer confidence falls for 6th day in-a-row
  • 62% oppose another stimulus
  • 36% believe Obama’s plan has helped economy
  • 53% oppose more regulation of corporations

Government Stats


  • Consumer Price Index up seasonally-adjusted .2 percent for September
  • Real average hourly earnings fell .1% from August to September
  • Prices increase by .6% for non-fuel imports on dollar’s weakness
  • FDIC fund balance now negative reserving for expected losses in next 12 months
  • 8% of all residential mortgages now seriously delinquent – commercial mortgages starting to show trouble
  • More than 70% of U.S. GDP is from personal spending
  • $12 trillion in personal net worth destroyed in last 7 months
  • Unemployment increases to 9.8% in October
  • Current employment numbers show that no new jobs are being created (over 263,000 jobs disappeared in last month)
  • Real earnings to be released on October 15th (key to gauging deflation vs. inflation)

Links on the Economy



Recent Actions on the Economy


  • Congress considering second stimulus
  • Bernanke likely to win second four year term as head of Federal Reserve
  • Trade deficit narrows on weak demand for imported oil and weak sinking dollar

Global Economic News


  • Canada and Australia add jobs as U.S. continues to lose them – stunning echos from 1930
  • Dollar being attacked by mid-east and Russia…
  • Central Asian banks buy up greenbacks to support the free-falling dollar – a week dollar means no one to sell to