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Find out what’s happening in the economy and financial markets and how it affects you and your business!
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Read this week’s Tea Leaf :
September 3, 2008
“W”
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Wednesday, September 3, 2008
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The U.S. economy grew at a revised 3.3% real (after inflation) annual rate during 2008’s second quarter. This compares to a 0.9% growth rate in the previous quarter and a 0.2% contraction during the fourth quarter of 2007. Recession in 2008? A mild recession may be underway, though we may not know for sure for months
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The U.S. unemployment rate climbed to 5.7% in July 2008, up from 5.5% in June. The 5.7% rate is the highest since March 2004. The U.S. Department of Labor reported a net decline of 51,000 jobs in June, the seventh monthly decline in a row. The average loss of 66,000 jobs monthly during 2008’s first seven months was much less painful than the 181,000 average monthly job loss during the 2001 recession
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Consumer prices in 2007 rose 4.1%, the highest annual climb since 1990. We expect a similar rise in prices this year
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The Federal Reserve again left its important federal funds rate unchanged at its FOMC meeting on August 5. This follows seven rate cuts totaling 3.25% between September 18, 2007 and April 30, 2008, with the rate falling to 2.00%. We expect the Fed to stay on the sidelines for the remainder of 2008
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We remain bullish on stocks
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(801) 614-0403 • Toll Free 1-888-847-3346 • Fax (801) 614-0218 • info@thredgold.com
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