Economic Week In Review

• Leading Indicators, inched up .1% trying to suggest that the economy will not officially dip into a recession.(Monday)
• Producer Price Index .2% increase seems tame following the 1.1% surge last month. (Tuesday)
• FOMC Meeting Minutes the Fed lowered it’s forecast for economic growth and indicated that it was pausing in it’s interest rate strategy for a while. They believe that while growth is contracting in the first half of 2008 it will rebound in the latter half of the year.(Wednesday)
• Jobless Claims came in at 365K which seems to suggest a stabilization in the jobs market.(Thursday)
• Exisiting Home Sales dropped by 1% in April and inventories rose from a supply of 10 months to 11.2 months.(Friday)

• Bonds…2 year 2.45%, 5 yr. 3.15% and the 10 yr. 3.85%….so far as market has not closed on the day yet, but will close early for the Memorial Day Holiday.
• Crude oil has been the big story this week hitting record highs, right now it’s sitting at $132.82 per barrel, below the record of $135 it hit yesterday.

Of note this past week:

Oil, again, is dominating the markets and not in a good way.  The Dow is sitting at 12517, down 108 points on the day so far and down over 500 points on the week if this continues.  The negative fallout is hitting Europe as those markets are feeling the pain with their main concern being that oil prices are showing little signs of retreating.

Have a great Memorial Day Weekend!

The Economic Week Ahead( I will be dark for 2 weeks so I’ve included upcoming events for those weeks, commentary to follow when I get back):

• Memorial Day Holiday!(Monday)
• Consumer Confidence , New Homes Sales(Tuesday)
• Durable Goods Orders, MBA Purchase Applications(Wednesday)
• Jobless Claims , Help Wanted Index, GDP(Thursday)
• Consumer Sentiment, Personal Income and Outlays , NAPM Chicago Index (Friday)

The Economic Week Ahead For June 2nd:

• ISM Manufacturing Index , (Monday)
• Motor Vehicle Sales, Factory Orders(Tuesday)
• Challenger Job Cut Report, MBA Purchase Applications(Wednesday)
• Jobless Claims , Monster Employment Index, Chain Store Sales,BOE Announcement- Bank of England Monetary Policy, ECB Announcement- Interest Rate policy issued by European Central Bank
  (Thursday)
• Consumer Credit, Employment Situation(Friday)

Have a great week!

This entry was posted on 23. May 2008 at 17:33 and is filed under Economic Market Reports, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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