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Economic data confirms it’s ugly out there

Source: http://blogs.moneyandmarkets.com/blog/interest-rate-roundup/0/0/economic-data-confirms-its-ugly-out-there
Posted on Thursday, October 16th, 2008 | In Economics
Contributed by: Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup) -

A lot of economic data hit the tape today, and it all tells the same story: It’s ugly out there. While initial jobless claims dipped to 461,000 from 477,000 a week earlier, continuing claims rose to 3.711 million from 3.671 million, the most since June 2003. Net inflows into U.S. assets also came in at just $14 billion in August, well below forecasts for a reading of $30 billion.

Meanwhile, industrial production tanked 2.8% in September, much worse than the 0.8% decline that was expected and the single-worst reading in ANY month going back to 1974. And the Philadelphia Fed index plunged to -37.5 from 3.8 a month earlier. That was well below the -10 reading that was forecast and the worst reading since October 1990.

Last 5 posts by Mike Larson





About Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup)

Mike Larson joined the company in 2001, and has more than 10 years of experience researching and writing about personal finance, investing, and the housing and mortgage industry. In 2003, Mr. Larson was named associate editor of the company’s monthly Safe Money Report. In this role, he is responsible for writing and editing as well as analyzing trading opportunities for clients. Mr. Larson is also a regular contributor to the company’s daily e-letter, Money and Markets and editor of three of its premium trading services.

Before joining Weiss Research, Mr. Larson was a personal finance reporter for Bankrate.com, where he wrote extensively on mortgage lending, banking, residential real estate, and Federal Reserve Board policy. His responsibilities included analyzing economic data and interest rate trends for a weekly column and developing rate forecasts for a regular index feature. Previously, Mr. Larson held positions at Bloomberg News and the Boston Herald.

Recognized as an interest rate and mortgage market expert, Mr. Larson’s views have been quoted in numerous publications nationwide, including the Washington Post, Chicago Tribune, Dow Jones Newswires, Associated Press, Reuters, CNNMoney.com, Sun-Sentinel, Tampa Tribune and the Palm Beach Post. His in-depth analysis of the housing and mortgage market and accurate forecast of the subprime crisis has lead to frequent appearances on CNBC, CNN, Fox Business News, and Bloomberg Television, as well as many nationally syndicated radio shows. Mr. Larson’s understanding of the U.S. real estate market has also been recognized overseas, having recently been featured in a documentary on the subject produced by a Barcelona-based television station. In addition, his writing has been acknowledged by both the National Association of Real Estate Editors and the Massachusetts Press Association.

Among the first analysts to call the housing slide, Mr. Larson’s policy paper, “How Federal Regulators, Lenders and Wall Street Created America’s Housing Crisis: Nine Proposals for a Long-Term Recovery,” received broad media coverage following its July 2007 submission to the Federal Reserve and FDIC. In the paper, Mr. Larson accurately predicted the long-term impact of the deepening subprime mortgage crisis on the broader economy that the nation faces today.

Mr. Larson holds B.A. and B.S. degrees from Boston University.

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