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U.S. Consumers Unemployed and Uncertain, Many Question Rebound Efforts
The U.S. stock market has staged one of the more impressive rallies in history this year, as “green shoots” of economic growth whetted investors appetite for risk. The Dow Jones Industrial Average is up more than 40% from mid-March, while the Standard & Poor’s 500 Index has soared 46% and the Nasdaq Composite Index rocketed an astonishing 55%.
Despite investors’ newfound optimism, the economy is still contracting, unemployment is still rising and consumer spending and sentiment is still abating. That could mean the sharp “V-shaped” recovery many analysts are anticipating may turn out to be a more-prolonged “U-shaped” rebound.
"We’re looking at a U-shaped recovery,…
10Aug2009 | Money Morning | 0 comments | ContinuedEmployment Report on Friday May Be Biggest Monthly Job Loss in 60 Years
When the Labor Department releases February’s U.S. employment numbers on Friday, economists are expecting to see the largest one-month job loss in nearly 60 years. With consumer spending in a freefall and factory output continuing to plunge, U.S. companies are idling plants, slashing extra workers and cutting back on the hours of those that remain, MarketWatch.com reported.
“Pink slips continue to fly,” said Meny Grauman, an economist for CIBC World Markets (CM).
The first week of the new month (March) brings two of the most important economic indicators: The ISM index and the nonfarm payrolls report. Both are expected to be quite grim.
Story continues…
3Mar2009 | Money Morning | 0 comments | Continued
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