Justin writes:
jobs numbers out. Increases all around, first timers up, ongoing up.
Justin | 03.20.08 - 8:40 am | #

Justin writes:
doh that was really badly phrased!
First-time claims for state unemployment benefits for the week ending March 15 hit 378,000, up 22,000 from the prior week's revised level of 356,000, the Labor Department reported Thursday. The four-week average of initial claims gained 6,000 to 365,250. For the week ended March 8, continuing claims for benefits rose 32,000 to 2.87 million - the highest since August 2004. The four-week average of continuing claims rose 19,750 to 2.83 million - the highest since September 2004.
Justin | 03.20.08 - 8:40 am | #

energyecon writes:
Thanks Justin,

Another busy morning of posting for our friend CR!
energyecon | 03.20.08 - 8:40 am | #

tyaresun writes:
CR sure is up early for the Left coast. Thanks for all your work.
tyaresun | 03.20.08 - 8:51 am | #

chickenlittle writes:
THE BIGGEST LIQUIDATION IN HUMAN HISTORY!!!!!!

A nation(world) built its growth on credit for the past seven years. Little was invested in production and most was spent to simply service each other. Now the income can't support the massive debt levels at the individual, coroporate, and government levels.

Show me the money!!!!!

SELL! SELL! SELL!
chickenlittle | 03.20.08 - 8:58 am | #

FiveAcres writes:
Why transports matter has some good charts by Bonddad this morning.
FiveAcres | 03.20.08 - 8:58 am | #

stuck_in_reverse writes:
Now this is the news that has me personally tied in a knot.

As a technical resource to industry(telecom, transport, etc), what we are current reading will start to hit home in 6-9 months as infrastructure projects start to dry up. (New buildings, new tech deployments, buildout, etc.)

Up to now projects have not been missing. For the last two years I have been pleasantly surprised that the tech economy has continued to do well, but I think a lot of us in this industry should take this year to build up some buffer if not already done.

So save your money!

My 1.957 cents (2c canadian)

ps. I am sure us techs will get to see some efficieny improvement projects, which will provide work past the end of the year, but not for all...
stuck_in_reverse | 03.20.08 - 8:58 am | #

energyecon writes:
And leads the US into recession?

California Leads U.S. in Defaults, Price Drop, Slowing Growth
By Daniel Taub and Dan Levy

March 20 (Bloomberg) -- Sacramento may eliminate up to 600 jobs in the city's first staff reductions in half a century, and the police and fire departments in the California capital may have their budgets cut by 20 percent. The culprit is the collapse of the U.S. housing market.

California, the birthplace of the subprime mortgage industry, is paying the highest price of any state as the housing meltdown persists. Its gross domestic product will drop 1.5 percent in the first half of 2008, the most in the U.S., analysts at Lexington, Massachusetts-based Global Insight Inc. estimate.

[snip]

California, the most populous U.S. state and accounting for almost one-seventh of gross domestic product, will lose $25 billion in personal income by the end of 2008 and property values will fall by $630.7 billion, according to forecasts from economist Jerry Nickelsburg at the University of California, Los Angeles, and the U.S. Conference of Mayors.

[snip]
energyecon | 03.20.08 - 8:59 am | #

Anonymous writes:
"California Leads U.S. in Defaults, Price Drop, Slowing Growth"

But the UCLA Anderson jokers say no recession, ever. What a bunch of biased criminals. Yes, Leamer, you are a crook.
Anonymous | 03.20.08 - 9:03 am | #

Neal writes:
Per BLS, 49 largest metropolian areas, YOY change in unemployment, Jan 2007-Jan 2008

10 with less unemployment
5 with no change
34 with increased unemployment

Those with 0.9% to 1.3% higer unemployment rate (biggest increase):

LA/Long Beach/Santa Ana CA
Orlando/Kissimee FL
Sacramento/Arden Arcade/Roseville CA
Las Vegas/Paradise NV
Providence/Fall River/Warwick RI
Tampa/St. Pete/Clearwater FL

and the winner (loser)-from 5.4% in Jan 2007 to 6.7% in Jan 2008

Riverside/San Bernadino/Ontario CA
Neal | 03.20.08 - 9:11 am | #

sam writes:
I used to see the fedex and UPS trucks in my neighborhood daily. No more. My way of knowing what was going on with the economy was just asking the drivers if they had alotof deliveries? very simple. I now dont see the drivers anymore. very simple answer. welcome to Rome.
sam | 03.20.08 - 9:14 am | #

Cobradriver writes:
Fedex reported a .08 per share benefit last year due to taxes. If you take that benefit off of the earnings there is only a .01 a share decrease YOY.

This is essentially what the trucking company I work for is also seeing. No increase but no drop off either. Business is essentially flat.

The sky isn't falling yet...

Who knows six months from now...

Chris
Cobradriver | 03.20.08 - 9:23 am | #

Zero writes:
I get deliveries several times a week via UPS, Fedex, and DHL. Shipments used to arrive just barely within their class timing, e.g. UPS blue would arrive in 2 days, red in 3, etc. Since mid-January everything has been arriving in one day, regardless of class. There appears to be extra capacity in the shipping business.
Zero | 03.20.08 - 10:47 am | #

fedex guy writes:
As a manager for FedEx Ground I have seen our volume at my hub remain stagnant, and a major 80 million capital expansion cancelled. The economy locally has been flat, and we currently have a waiting list for people waiting to be hired into our facility.
fedex guy | 03.23.08 - 4:33 am | #