MOST Stats Show Economy Sinking Fast
-- December 19, 2002
Despite a small uptick in November's index of leading economic indicators, MOST statistics show the economy is sinking fast. Just take a look:
With war looming perhaps just a few weeks away ... soaring oil prices (over $30 a barrel and headed higher) ... and the soaring mountain of personal debt -- at a record $1.8 TRILLION now -- you can easily see the U.S. economy is in a heap of trouble.
- Claims for unemployment are soaring again -- for the second week in a row, more than 400,000 workers applied for jobless benefits. There is no way the economy is rebounding when companies are laying off workers in droves.
- Production of business equipment has now declined for three months straight. When an economy is in good shape, more business equipment is produced, not less.
- Housing starts fell in three of the lasts five months and building permits are dropping as well. That means the housing bubble that's currently giving some support to the economy may be on the verge of bursting.
- Weak holiday shopping numbers indicate that consumers -- who make up two-thirds of the economy -- are suffering from spending fatigue.
Dow Closes Down 83; Nasdaq Loses 7