FRIDAY UPDATE: “The U.S. lost more jobs than forecast in August and the unemployment rate climbed to a five-year high of 6.1 percent, a sign that the economic slowdown is worsening.” (Full Article).
“Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn’t refinance or sell.” (Full Article).
Betting on Sunny Skies?
If you need a job in order to pay your bills, this isn’t the best of times. Today the federal Labor Department announced that unemployment claims increased more than the “experts” had expertly predicted. Other cheerful facts about the state of the U.S. economy:
- Unemployment rolls are at a five-year high
- 3.4 million Americans were collecting unemployment last week
- U.S. companies cut 33,000 jobs in August, 2008.
- Today’s Dow Jones average plunged 340 points, sending the S&P 500 into it’s longest losing streak since January.
- Wall Streeters are starting to talk about a “financial tsunami.” (Full Article)
Now if you’re like me, you have about $1.27 invested in stocks, bonds, and mutual funds. So what does all this Wall Street hand-wringing matter to people with microscopic portfollios?
WHY DOES WALL STREET MATTER TO NON-WALL STREET PEOPLE?
It matters because these hand-wringing wall street types are the ones who say “Ford could save a Gazillion dollars by laying off 3/4 of their work force.” And big industrial companies listen to Wall Street. And then every day working people start getting “non-retained.”
The extra hand-wringing today, Thursday, is because tomorrow the Labor Department announces the August employment report. Before today, the expectation for the August Employment report was glum. After today’s news the outlook is more akin to economic suicide.
One report ended with this sunny summary: “Households may cut spending as employment prospects dim, property values decline and credit becomes harder to get.” (Full Article)
IF YOU HAVE A JOB, NOW’S THE TIME TO KEEP IT
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