Burbank Real Estate Blog

The Economic Week in Review:

• NAPM Chicago Index showed a slight jump in orders, which was positive, but also showed a jump in prices, probably due to rising fuel prices.
• Motor Vehicle Sales were weak, lowest rate since 1996, Construction Spending was down but better than expected and ,ISM Manufacturing Index continued to slip and new orders are down.
• Challenger Job Cut Report, reported heavy job cuts in the government, financial and transportation sectors.  Factory Orders fell more than expected .
• Monster Employment Index, rose slightly and Jobless Claims, posted worst numbers since Hurricane Katrina in 2005.
• Employment Situation(non-farm payrolls), much worse than expected as 80,000 jobs went away versus the expected 50,000..
• Bonds…2 year 1.82%, 5 yr. 2.62% and the 10 yr. 3.47%.

Between recession talk from Federal Reserve Chairman Ben Bernanke and the worst jobs report since 2003 it’s not looking pretty.  At this point I’m not trying to be pessimistic at all, but you have to admit that the overwhelming evidence supports the fact that we are and have been in a recession for at least a few months.

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