Economic data for May 28, 2009

Unemployment rolls reached a record 6.79 million. Last weeks Unemployment report revised to 636,00 new claims .. up 5,000. This week reports NEW claims at 623,000 down 13,000 from revised number but only down 8,000 from the original stated number. While April durable goods orders increased 1.9% (ex transport only 0.8%) from March it is still down overall. Blips of this nature showing positive results are inconsistent at this time and do not show any sustainable “bottom” to the current economic crisis at this time. Stock market still continues to react in an irrational and volatile manner. More PRIME mortgages are now delinquent then sub prime. Half of ALL foreclosures are now for vacant houses with no ability to renegotiate. Housing sales increaded by a marginal 11,00 units last month but PRICES have significantly declined year over year. NO bottom yet seen for the housing market in prices.