Thursday, August 12, 2010
Economy Update (surprise, surprise)...
Jobs market goes south as unemployment rises.
Mortgage rates hit another new low. But that doesn't do much for potential buyers.
U.S. trade gap is at a 20-year high.
U.S. dollar falls to a 15-year low against the yen.
The Fed tries to "fix" the economy by using cash from maturing mortgage bonds to buy more debt. (???)
Stock market (Dow & S&P) drops 3-4% over the last few days, and oil (which has been volatile) dropped from approx. $83 to $76 in a week.
UPDATE: Summer sales numbers are slumping compared to last year (which had a false boost with the "Cash For Clunkers" gimmick).