Wednesday, August 25, 2010

Summer of our Discontent

1. The odds of a double dip recession are very high!

2. Unemployment is at almost double digits with little evidence that the private sector will be hiring any time soon.

3. The sale of existing houses is at the lowest level in 15 year.

4. the sale of new houses is at the lowest level in 47 years..... yes, 47 years. In the last 3 moths it's the lowest ever of record.

5. Companies have cut back on their purchase of equipment and machinery.

6. Consumer confidence fell to a five month low.

7. The US Federal deficit compared to GMP was the highest since World War II ( 65 years)

8.The U.S. trade deficit widened a surprising 18.8 percent in June on a surge of consumer goods from China

9. The combined share of foreclosures and mortgage delinquencies was 14 percent, or about one in every seven U.S. mortgages.

I don't know about Wall Street but Main Street America is hurting.