December, 2008
LiveWire Economics Blog - December 12, 2008 21:58
Unemployment soars, auto bailout crashes
Prior to the open on Wall Street Thursday morning (December 11) the weekly jobless claims report was announced. A disappointing 573,000 jobless claims were reported in the previous week. This is the highest number of claims reported in 26 years. It is also much worse than the 525,000 claims that analysts expected. Jobless claims continue [...]
Back in the day… $1 gas
News came late Tuesday (December 9) evening that democratic congressional leaders and the Bush Administration had agreed in principle on a $15 bailout plan to help the failing auto industry. The amount of the deal is less than that requested by the Big 3 CEOs last week, but it the proposal reportedly would give the [...]
Gold Jumps as Obama Shouts “Clear!” of the Dollar
THE PRICE OF GOLD eased back from a sharp 2.8% gain for Dollar investors early in London on Monday, trading flat against Sterling and Euros after US president-elect Obama promised to “jump start” the economy with huge government spending and debt.
The next gold rush?
More negative economic data flooded Wall Street Thursday (December 4). News of more job cuts at companies like AT&T and several commentaries noting a deep recession for 2009 contributed to the sour mood. In the last several months, it’s as if many financial sectors have been flipped on their tops. Oil has gone from all-time [...]
Auto industry takes center stage
Most of the big news events of Tuesday (December 2) had an auto industry focus. November auto sales reached their worst level since 1982. Chrysler led the way with a 47 per cent fall and Nissan fell 42 from November 2007 to November 2008. All told, the industry saw a 37 per cent plunge in [...]
Gold Slides from 8-Week High on Fresh Dollar Surge
WHOLESALE GOLD PRICES fell sharply in Asia and London on Monday, dropping 3.2% from Friday’s best weekly close in eight and falling below $791 an ounce.The six-day rally in global stock markets also stalled on a fresh surge in the US Dollar and Japanese Yen.
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