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20 Nov 09

Interest rates: the phantom menace - Paul Krugman Blog - NYTimes.com

  • Underlying these low rates is, in turn, the fact that overall borrowing by the nonfinancial sector hasn’t risen: the surge in government borrowing has in fact, less than offset a plunge in private borrowing.
  • Bear in mind that the whole problem right now is that the private sector is hurting, it’s spooked, and it’s looking for safety. So it’s piling into “cash”, which really means short-term debt.
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19 Nov 09

FT.com / US & Canada - Obama warns on US public debt pile

  • marked his strongest language yet on the necessity of putting public finances back on a sound footing.
16 Nov 09

Bernanke Expresses Concern About Dollar’s Weakness - NYTimes.com

  • The chairman of the Federal Reserve, Ben S. Bernanke, warned on Monday that high unemployment and a continued reluctance of banks to make loans were likely to slow the economic recovery for the next year.

FT.com / US / Economy & Fed - US jobless claims climb more than projected

  • New jobless claims rose by 11,000 to 531,000, the labour department said on Thursday. The figures were worse than economists anticipated, although the less volatile four-week average showed that new claims have been waning in the last month.
  • According to Mr Ruskin, new jobless claims will need to fall to a weekly rate of 450,000 before the US economy begins to create jobs. Last month the unemployment rate reached 9.8 per cent.
14 Oct 09

Decreased Jobs and Hours Push Economy Back to 1997 Hours Level - CEPR

  • The loss of 263,000 payroll jobs, coupled with a 0.1 hour decline in the average workweek, pushed the index of aggregate hours to 98.5, slightly below the 98.6 level in December of 1998. Hours worked have now declined by 8.6 percent from the pre-recession peak.
  • Wage growth continues to weaken with wages rising at just a 1.7 percent nominal rate over the last quarter, almost certainly less than the rate of inflation.
13 Oct 09

FT.com / Companies - Deep job cuts ‘give US groups an edge’

  • They said while US corporate profitability was boosted by the jobs cuts, the economy might suffer in the short-term from the shock of them.
  • US companies cut about 640,000 jobs in the first five months of this year compared with 350,000 at European groups, according to research by the International Labour Organisation based on media reports.
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12 Oct 09

Op-Ed Columnist - Misguided Monetary Mentalities - NYTimes.com

  • And this new version of a bad old idea could undermine our chances for full recovery.

    Consider first the current uproar over the declining international value of the dollar.

  • The truth is that the falling dollar is good news.
21 Aug 09

FT.com / US / Economy & Fed - Mounting joblessness fuels US housing crisis

  • The percentage of loans that were in foreclosure or at least one payment past due rose to 13.16 per cent, the highest increase since the MBA began keeping records in 1972 and a jump of more than a percentage point since the first quarter.
  • said signs were growing that mortgage performance is being affected more by unemployment than by the structure of risky home loans, indicating a new stage in the foreclosure crisis that may not be easily addressed by government loan modification programmes
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