Recent Economic Perspectives from Bank of America Securities + US Unemployment Rate
Here are the latest economic perspectives/reports from Bank of America Securities:
- Leading Economic Indicators — Calendar with release data, analysis and forecasts on major U.S. economic indicators. Published weekly.
- U.S. Economic Weekly — Analysis and perspective on the U.S. economy. Published weekly.
- U.S. Economic & Financial Forecast — U.S. economic and financial forecast. Published monthly.
- Manufacturing Activity Update — Commentary and analysis of the manufacturing sector. Published monthly.
Reading all the reports, it is hard to argue that US economy is quickly entering recession or already in recession. It is not a pretty picture. In addition, the unemployment rate has also been creeping higher nationwide according to Bloomberg:
"Nov. 7 (Bloomberg) -- The U.S. unemployment rate rose to the highest level since 1994 as companies slashed payrolls, setting the stage for the steepest economic decline in decades and a tough start for Barrack Obama's presidency.
The jobless rate rose to 6.5 percent in October from 6.1 percent the previous month, the Labor Department reported today in Washington. Employers fired 240,000 workers after a loss of 284,000 in September, the biggest two-month slide since 2001.
The surge in jobless rolls, coupled with other signs the economy nosedived last month, puts pressure on Obama to quickly name his economic team and spell out his planned remedies. It may also spur congressional Democrats to enact in coming weeks a second fiscal stimulus package..."
Source: Bloomberg - U.S. Unemployment Rate Climbs to 14-Year High of 6.5%
The news above is based on the latest Current Population Survey (CPS), a monthly survey of households conducted by the Bureau of Census for the Bureau of Labor Statistics:
November 07, 2008
Nonfarm payroll employment fell by 240,000 in October. Job losses over the last 3 months totaled 651,000. In October, the unemployment rate rose from 6.1 to 6.5 percent, and the number of unemployed persons increased to 10.1 million. More...
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Source: Bureau of Census for the Bureau of Labor Statistics

As time goes
As time goes by, the recession continuously devastating more and more American families, the consumers, businesses and companies are also feeling the pinch. The consumers are forced to tighten their belt because of this situation. Some people are fortunate enough to be financially well off and have no need for any short term financial assistance, such as payday loans or credit repair services. The average person in the middle class, however, is not as privileged. They strive to make an acceptable income to care for their families, some having no choice but to live paycheck to paycheck. While it’s a fact of life that some are rich and financially capable in most or every area while others have to worry about the “little” things, there is another disturbing fact that is becoming more obvious by the minute. It seems that the executive class, who helped generate the recession that many of us are currently suffering from, are on the move to get even more money to award their indiscretion. Reported in a recent article published in the Wall Street Journal, Merrill Lynch CEO John Thain is out to get a $10 million bonus payment. This is after the company he was hired to run had almost completely run out of cash, and was facing bankruptcy. The situation was so desperate he had to eventually sell the company to Bank of America to keep the currency flowing. New York State Attorney General Andrew Cuomo has called it “nothing less than shocking,” and that is a fair assessment, to adequately put it. It’s rare for any of us to be rewarded for failure. In fact, most would most likely get fired. These big-time executives should be receiving the same treatment as the average person in this country. Why should they be rewarded for their help causing the global economic disaster? Greed is the last thing we need during this critical time. However, if you need help to cover a sudden cash emergency, don’t sell yourself to Bank of America. Keep in mind you still have other options you can work with such as payday loans. Click here to learn more about <a title="Payday loans for the masses but no paydays for the executive crowd" rev="vote-for" href="http://personalmoneystore.com/moneyblog/2008/12/08/payday-loans-for-the-masses-but-no-paydays-for-the-executive-crowd/">Payday Loans</a>.
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