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?
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
Answer by NotPanicking at 10:59 PM on Jul. 2, 2010
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
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
Answer by 29again at 11:34 PM on Jul. 2, 2010