NOTE: After reading #1 please read #6. They are very related and would push the unemployment numbers even higher.
By Daniel at 2 October, 2009, 5:45 pm
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
1) “If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.”
“The average hourly work week fell back to a record low of 33 in September. That figure is important because economists are looking for companies to add more hours for current workers before they hire new ones.”
2) G-7 Finance Chiefs Campaign for ‘Strong Dollar’
“Finance chiefs headed for Group of Seven talks in Istanbul pushing for a “strong dollar” amid concern its slide will impede their recoveries from the worst global recession since World War II.”
3)” The U.S. will next week auction $39 billion of three-year notes, $20 billion in 10-year securities, $12 billion in 30- year bonds and $7 billion of 10-year Treasury Inflation Protected Securities over four consecutive days beginning Oct. 5, the Treasury said yesterday. The department sold $73 billion of the maturities the week of July 6, the last time the four securities were offered in the same week.
$6.94 Trillion
Treasuries’ third-quarter gain came even as the government sold $554 billion of notes and bonds, the most ever in a quarter. So far this year, U.S. sold $1.517 trillion of notes and bonds, compared with $585 billion at the same point last year.
Barclays Plc, one of the 18 primary dealers that trade with the Fed, forecasts total 2009 issuance at $2.1 trillion, with $2.5 trillion projected for 2010.
President Barack Obama has pushed the nation’s marketable debt to an unprecedented $6.94 trillion in an effort to spur economic growth, support the financial system and service record deficits. The U.S. budget deficit is projected to increase to $1.6 trillion this year, equivalent to 11.2 percent of the nation’s economy, according to the nonpartisan Congressional Budget Office.”
4) U.S. Consumer Bankruptcies Top 1 Million, Group Says
5) Banks With 20% Unpaid Loans at 18-Year High Amid Recovery Doubt
“The number of U.S. lenders that can’t collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery.”
6) “Social Security Applications Almost Double Because of Recession
Applications for Social Security benefits rose almost 50 percent more than expected this year because of the recession, according to the federal retirement program..”"
7) Millions Of Foreclosures Could Threaten Real Estate Recovery
“The general outlook that the housing market has bottomed is ‘premature’ optimism, according to the report.
‘The single largest impediment to a recovery in the housing market is the large number of loans that are either in delinquent status or in foreclosure that are destined to liquidate,’ said analyst Laurie Goodman.
Amherst estimates that there is a ‘shadow inventory’ of around seven million housing units, or 135% of a full year of existing home sales, compared with 1.27 million in early 2005.”
The backlog is due to high transition rates, low cure rates and a longer timeline for loan liquidation.”
8) SAN DIEGO — “The sins of San Diego’s recent past and an economic recession have city leaders facing a record $179 million budget deficit almost certain to lead to layoffs and service cuts.
To put the gap in perspective, if the city were to only use layoffs to cut its way out, it would need to ax 2,420 jobs — roughly one out of every four workers.”
“Sanders noted that San Diego’s deficit will be fueled by a $67 million decline in revenues, $57 million in investment losses by the city’s pension fund and a $32 million legal settlement.”
“Other large cities around California are also feeling the pinch.
San Jose faces a nearly $170 million deficit next fiscal year, Los Angeles’ shortfall is expected to top $400 million and San Francisco’s is predicted to hit $750 million.”
9) Arizona budget deficit could top $1.5B this year
PHOENIX — There’s more bad news for the Arizona economy.
“This fiscal year’s budget deficit may top $1.5 billion as state revenues continue to slide at an unprecedented rate.
In a report released Wednesday, state budget analysts delivered the news. Governor Jan Brewer’s staff also said that the state could face a deficit larger than the $1 billion shortfall originally predicted.”
10) Jobless benefits extension hits snag in Senate
11) US Unemployment May Hit 15% in 2010: Strategist
12) (Washington) Pension funds fall short
“State: Higher contributions needed to keep system solvent, policymakers told”
13) Page Mill’s East Palo Alto properties now in default
“Wells Fargo Bank confirmed Thursday that it has filed notices of default on all of Page Mill Properties’ East Palo Alto holdings, potentially putting about 1,800 rental units on the road to foreclosure.”
14) Proposed pension contribution hike shocks officers (Springfield)
“The projection developed by the actuary shows the percentage of salaries needed to pay off the unfunded liability would leap to more than 51 percent in 21 years and 387 percent five years after that. ”
saxplayer00o1
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.