Adam Horak's Blog – November 2008 Archive (6)

The number of U.S. workers filing new claims for jobless benefits surged last week to their highest level in 16 years, Labor Department data showed on Thursday, as a harsh economic environment forces employers to cut back on hiring.



Initial claims for state unemployment insurance benefits were a seasonally adjusted 542,000 in the week ended November 15 from a revised 515,000 the previous week. That was higher than analysts' forecast for a reading of 505,000 new… Continue

CONSUMER PRICE INDEX: OCTOBER 2008



The Consumer Price Index for All Urban Consumers (CPI-U) decreased

1.0 percent in October, before seasonal adjustment, the Bureau of Labor

Statistics of the U.S. Department of Labor reported today. The October

level of 216.573 (1982-84=100) was 3.7 percent higher than in October

2007.



The Consumer Price Index for Urban Wage Earners and Clerical Workers

(CPI-W) decreased 1.3 percent in October, prior to seasonal… Continue

Producer Price Indexes - October 2008



The Producer Price Index for Finished Goods fell 2.8 percent in October, seasonally

adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. This

decrease followed a 0.4-percent decline in September and a 0.9-percent fall in August. At the

earlier stages of processing, prices received by manufacturers of intermediate goods moved

down 3.9 percent in October after declining 1.2 percent in… Continue

First-time filings for state unemployment benefits hit their highest level since September 2001, rising to 516,000 in the latest week, a further sign of how the U.S. labor market's are struggling, the Labor Department.

For the week ended Nov. 8, initial claims climbed by 32,000 from last week's revised figure of 484,000.

The four-week average of new claims -- which measures the underlying trend in joblessness -- also hit a historic high, shooting up to 491,000. That's the highest… Continue

Remarks by Secretary Henry M. Paulson, Jr. on Financial Rescue Package and Economic Update



Washington - Good morning. I will provide an update on the state of the financial system, our economy, and our strategy for continued implementation of the financial rescue package.



Current State of Global Financial System



The actions taken by Treasury, the Federal Reserve and the FDIC in October have clearly helped stabilize our financial system. Before we acted, we were… Continue

Oil and Gold continue there downward spiral today, dragging commodity based currencies down with them; but none may be more negatively affected then the Russian Ruble. Russia is a major exporter of oil and other commodities and is now entrenched in the worst financial turmoil since its 1998 crisis. Local equity prices have tumbled 70% and investors have pulled billions of dollars out of the country as panic and fear have gripped the nation; over concerns with domestic and political risk, as… Continue