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The Running of the Bulls.(United States economy)(Brief Article)
By most accounts, the United States was in a recession before Sept. 11. And the news seems only to get worse.
U.S. jobless claims have soared to 450,000 from 392,000 just two weeks ago--in part due to massive airline layoffs. It's the largest surge ever recorded since the Feds began tracking claims in 1968--and in sheer numbers the highest since 1992. Next comes another round of layoffs in industries from telecom to high tech and automaking.
Remember consumer spending, which Alan Greenspan & Co. assured us would sustain the U.S. economy? Consumer confidence plunged to 97.6 in September, down from 114 in August--the largest one-month drop since the gulf war in 1991 and a sure sign of deepening recession. The stock market has tanked since Sept. 11, too, with the exception of shares in companies with contracts to make biological-weapons vaccines. Hardly what one might call a silver lining.
The list goes on. Corporate earnings are expected to plummet. Industrial production fell about 0.8 percent in August--for the 11th consecutive month. Tax receipts appear to have fallen for the first time since 1983. And outside of the Social Security ...
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WASHINGTON, March 2 (UPI) -- Consumer spending in the United States exceeded expectations, climbing 0.6 percent in January, the U.S. Commerce Department reported Monday. Economists predicted...
Source: HighBeam Research, The Running of the Bulls.(United States economy)(Brief Article)