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:
- Consumer Price Index up seasonally-adjusted .2 percent for September
- Real average hourly earnings fell .1% from August to September and real hourly weekly earnings down by 1.9% since last December
- Prices increase by .6% for non-fuel imports (merchandise and food) on dollar’s weakness – follows previous .3% increase (rate increasing)
- Congressional Oversight Panel Says Administrations Mortgage Help… not that good
- FDIC Chair Set to Warn Senate Banking Committee About Recovery
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
- FDIC Chair Set to Warn Senate Banking Committee About Recovery (10-13)
- Congressional Oversight Panel Says Administrations Mortgage Help… not that good (10-12)
- Employment reality
- California is leading indicator for housing
- Is the Next Depression here?
- FDIC under water
- Americans saving more
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
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