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The economic downturn takes a new dimension as disappointing personal income figures starts accelerating
Friday’s data was significantly worrisome. The disappointing personal income figures has started creating ripple effects among the analysysts in the Wall Street. An economic depression is impossible without forst signs of tumbling personal income. That is exactly what happened yesterday.
By the close in New York, the S&P 500 index was 1.4 per cent lower on the day at 1,282.77 and down 0.7 per cent for the week. The Nasdaq Composite index had fallen 1.8 per cent on the day and 2 per cent for the week to 2,367.52.
The Dow Jones Industrial Average was 1.5 per cent down for the day and 0.7 per cent down on the week at 11,543.96. All three indices were up about 1.5 per cent for August.
While the exports sector is showing sign of renaissance, the nemesis of the econic depression cannot be denied. The root cause of the down turn in the economy is the stagflation for more than twenty years and a total neglect of the same in the name of supply side economics.
The biggest problem is taking shame in Freddie Mack and Fannie May. Mortgage groups Fannie Mae and Freddie Mac and investment bank Lehman Brothers remained on the minds of investors over the course of the week, amid ongoing worries about their long-term health.
The economic downturn is accelerating profoundly. The inemployment insurance number points to a deep recession in spite of signs of life in export. As dollar stabilizes, the exports advantage will also disappear.
SMART LIVING & INVST. ARTICLES
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