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11/17/08:

Economic News:

  • Unemployment claims increased by 32,000 to 517,000 for the week ending 11/1/2008.

    • The number of newly laid-off individuals seeking unemployment benefits has jumped to a level not seen since just after the terrorist attacks of Sept. 11, 2001

  • Oil prices lingered near $55 a barrel Tuesday in Asia as investors mulled more dire news pointing to a prolonged recession in developed countries and sustained weakness in demand for crude

    • Stock markets, which oil investors use to gauge sentiment about the global economy, fell on mounting evidence that U.S. consumers are cutting spending as big corporations shed tens of thousands of staff

  • Industrial output posted a bigger-than-expected rebound in October after plunging in September by the largest amount in over 60 years.

    • The Federal Reserve said Monday that industrial output rose 1.3 percent last month, reflecting a return to more normal operations following hurricanes and a strike at aircraft manufacturer Boeing Co. the previous month.

    • The 1.3 percent increase in October was bigger than the 0.2 percent rise that economists expected

  • Manufacturing posted a 0.6 percent rise in October after having fallen by 3.7 percent in September.

    • Manufacturing has been under pressure, including the ailing auto industry, with economists forecasting further troubles ahead as the country undergoes what many expect to be a severe recession.

  • Output at the nation's mines, which includes oil drilling, shot up by 6.1 percent in October reflecting the resumption of production at Gulf Coast rigs following an 8.5 percent drop in September.

  • Production at the nation's utilities edged up by 0.4 percent in October after posting a 2.4 percent gain in September.

  • The government said Monday it has supplied $33.56 billion to 21 banks in a second round of payments from the $700 billion rescue program, and announced a deadline for another 3,800 banks to apply for funds.

    • The Treasury Department said a category of privately held banks will have until Dec. 8 to apply for the government to purchase shares of their stock as a way to bolster their balance sheets.

    • The deadline for the larger publicly traded banks was Nov. 14

    • The new Dec. 8 deadline will apply to about 3,800 banks that are so-called C-Corps institutions for the part of the tax code that applies to them. Another 2,500 S-Corps institutions also will be able to apply for money, but Treasury has not set the deadline for their applications.

    • The Treasury announcement on Monday said the largest stock purchase in the second round was $6.6 billion paid to U.S. Bancorp of Minneapolis.

    • The smallest stock purchase was $9 million paid to Broadway Financial Corp. of Los Angeles


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