The nation's unemployment rate rose to 9.6% in August as non-farm payrolls lost 54,000 jobs, but it was good news in that economists at large where forecasting double the unemployment figures for the month.
Low mortgage rates fell still more this week - to the lowest level ever in four decades of tracking. Also, the number of pending home sales posted a rise for the month of July.
The now defunct investment bank, Lehman Brothers, collapsed as a result of the recession, though its ex-CEO, Richard Fuld, blamed the Federal Reserve on Wednesday, saying the decision not to provide support when other financial institutions received it was to blame.
US automakers saw a downturn in vehicle sales in August with General Motors reporting a 7% decline over July sales. Ford Motor Co. (NYSE: F) faired slightly better than GM with a 5% drop. Now auto pundits expect all automakers to report the worst month in decades.
The latest Institute for Supply Management survey showed manufacturing rose 56.3 in August compared to 55.5 on the ISM index the prior month. Managers also indicated that job growth could lie ahead if conditions continue to improve. The report marked the 13th consecutive monthly gain in the ISM's manufacturing index.
The Dow opened higher Wednesday morning, showing strong gains for the first day of September rising more than 236 points, or 2.36%, to trade at 10, 251.
Consumers where cautious in spending in August, according to the latest MasterCard SpendingPulse retail report, which showed spending levels where only slighty above year-ago levels as Americans held onto their cash over job concerns and how the economy was shaping up.
I've been thinking about fear. Actually I've been thinking about our national situation(s), the coming elections, the major political parties, pension draw downs, unemployment, the FED, the US Treasury, and September/ October/ November surprises.
Oil prices recovered some lost ground Friday after Federal Reserve chairman Ben Bernanke said the Fed stands ready to do whatever it takes to support economic recovery.
Silver prices have been climbing as a result of growing demand in the marketplace and for Reno-based green silver refiner, Itronics, Inc. (Otc: ITRO), the launch of its phase one expansion couldn't be more timely.
Government data released Friday showed U.S. gross domestic product (GDP) grew at a 1.6% annual pace in the 2nd quarter, which was forecast last month to be 2.4%, yet far slower than first quarter GDP of 3.7%. Still, slow growth does mean the U.S. economy is headed for a double-dip recession.
Silver closed up 56 cents, or 3.05%, at $18.94 in spot silver trading Wednesday which in turn helped boost silver stocks with the Composite gaining 4.84% as prices showed their bullish side.
Crude oil prices advanced Wednesday for the first time in six days as the greenback showed a tattered side in the currency market against the euro. WTI crude rose more-than 1.75% to close at $72.89 for a gain of $1.26 per barrel.
After home data showed a sharp drop in existing and new home sales for July, the street was ripe with rumors of potential mergers and acquisitions within the homebuilders sector that helped boost Toll Brothers (NYSE: TOL) shares at the close of trading Wednesday.
Teen clothing chain, American Eagle Outfitters (NYSE: AEO), saw its shares close up nearly 8% Wednesday after announcing belt-tightening plans to close unprofitable stores in a move the company said would boost margins.
