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4 Bumps

Jobless Claims Rise, Manufacturing Dips As Economy Cools - More bad news?

Stocks dropped from the opening bell after new claims for jobless benefits unexpectedly rose last week, pending home sales plunged to a record low and manufacturing growth slowed more than expected. The Dow and Nasdaq lost 0.4% and the S&P 500 0.3%.

Sales of new homes fell to a record low in May and housing starts hit their lowest level this year after a homebuyer tax credit expired in April.

Meanwhile, disappointing job numbers and a plunge in consumer confidence have clouded the outlook for consumer spending, which accounts for 70% of economic activity. Retail sales fell in May for the first time in eight months.

Isn't this depressing?


Asked by mancosmomma at 9:56 PM on Jul. 2, 2010 in Politics & Current Events

Level 19 (7,315 Credits)
This question is closed.
Answers (11)
  • I have always maintained that the stimulus (all versions) would only artificially inflate the economy, but just postpone the inevitable. I have never known of anyone successfully spending their way out of debt. It just doesn't happen.


    Answer by QuinnMae at 10:52 PM on Jul. 2, 2010

  • Still waiting for my unicorn

    Answer by NotPanicking at 10:59 PM on Jul. 2, 2010

  • Doesn't look to promising does it? But hadn't some of tried to say this all along?

    Answer by Carpy at 11:43 PM on Jul. 2, 2010

  • It just gives one more piece of evidence that they (the Obama "army") has no idea what is going on. I actually heard a strategist say this morning that more stimulus needs to be spent. Just print more money (which further deflates the value of a dollar) and spend our way out. They are so single-minded with not intention of ever entertaining a different tactic. This is because the way to a better economy is through the conservative plan and that is such a efin nightmare to these people that they would rather drive this bus over the cliff than admit we were right.


    Answer by jesse123456 at 9:06 AM on Jul. 3, 2010

  • More like totally and extremely expected. If I felt like going over a million answers of a dozen or so girls here, I could totally say,"


    nevermind, that would be in poor taste.

    Answer by lovinangels at 10:04 PM on Jul. 2, 2010

  • It will get worse for many as time marches on. 


    Answer by musicmom08 at 10:12 PM on Jul. 2, 2010

  • With Obama's piss poor polices, it is not going to get any better. Obama has no idea how to help the economy recover, and with his big big tax hikes coning up Jan 1 you can forget about it getting any better.


    Answer by Natesmom507 at 10:42 PM on Jul. 2, 2010

  • I don't know why anyone is surprised! We have a bunch of professors trying to tell us how to work. Maybe if I wrote a term paper, explaining real life to some of them..... nah, that wouldn't work, they wouldn't like what I have to say, and they would give me an "F". I doubt if they would really read it.

    *sigh* two and a half years left. I think I can, I think I can, I think I can survive it............... turning into I HOPE I can, I hope I can, I hope I can survive it.

    Answer by 29again at 11:34 PM on Jul. 2, 2010

  • mancosmomma

    Comment by mancosmomma (original poster) at 9:56 PM on Jul. 2, 2010

  • mancosmomma

    Comment by mancosmomma (original poster) at 9:57 PM on Jul. 2, 2010