Market Observations 03/08/09
From The Fed Beige Book: "A trucking-industry contact reports that shipping volume fell sharply in December, dropping roughly 15 percent from a year earlier...
With the ongoing weakness in trucking, and given that the first quarter is typically a slow season anyway...
layoffs have been widespread, and a glut of used trucks (especially tractor-trailers) for sale has developed.”
Where the rubber meets the road... The for-hire trucking industry cut 33,400 jobs in February...
making it the eleventh consecutive month of job reductions for this sector. It is evident that job losses in trucking are accelerating at a rapid pace.
Total for-hire trucking employment fell 79,600 in 2008; however, in just the first two months of 2009, motor carriers eliminated a total of 58,200 positions.
The Nattering One muses... SP500 tumbled to a 13-year low...
30 year treasuries are returning more than stocks for the first time since Jimmy Carter was president.
Sillybank AKA Citigroup a penny stock below $1; GE worlds largest company; fell below $6 for the first time since 1991...
GM & Ford both below $2; Fannie (Phony) and Freddie (Fraudy) both at 0.36 cents.
Sears last week said it would shutter 24 stores, on top of eight closings announced earlier. Ritz Camera Centers the largest chain of camera stores filed BK.
During W's 8 year tenure net job gains were 3 million McJobs.
Since December 2007 (the official start of the recession), the overall economy has shed nearly 4.4 million jobs.
AIG reported a $61.7 billion loss so they got another $30 billion handout; bringing the total to $163 billion.
$15 billion of the bailout will be used to build the executives a toilet to flush the other $15 billion down.
AIG now stands for Awww!!! It's Gone??
With the ongoing weakness in trucking, and given that the first quarter is typically a slow season anyway...
layoffs have been widespread, and a glut of used trucks (especially tractor-trailers) for sale has developed.”
Where the rubber meets the road... The for-hire trucking industry cut 33,400 jobs in February...
making it the eleventh consecutive month of job reductions for this sector. It is evident that job losses in trucking are accelerating at a rapid pace.
Total for-hire trucking employment fell 79,600 in 2008; however, in just the first two months of 2009, motor carriers eliminated a total of 58,200 positions.
The Nattering One muses... SP500 tumbled to a 13-year low...
30 year treasuries are returning more than stocks for the first time since Jimmy Carter was president.
Sillybank AKA Citigroup a penny stock below $1; GE worlds largest company; fell below $6 for the first time since 1991...
GM & Ford both below $2; Fannie (Phony) and Freddie (Fraudy) both at 0.36 cents.
Sears last week said it would shutter 24 stores, on top of eight closings announced earlier. Ritz Camera Centers the largest chain of camera stores filed BK.
During W's 8 year tenure net job gains were 3 million McJobs.
Since December 2007 (the official start of the recession), the overall economy has shed nearly 4.4 million jobs.
AIG reported a $61.7 billion loss so they got another $30 billion handout; bringing the total to $163 billion.
$15 billion of the bailout will be used to build the executives a toilet to flush the other $15 billion down.
AIG now stands for Awww!!! It's Gone??
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