Econopocalypse Goes From Bad to Worse

Anyone else getting that "bottom's gonna fall out of the tilt-a-whirl" feeling about the economy, too? It's an ugly day of news on the economic front:


-- Calculated Risk says consensus predictions are a 5.4% drop in GDP for the last quarter. Numbers are due today. There's a lot of money in short-selling in this market, so I'm always suspicious of analyst motive: how can you tell self-interest driven analysis from honesty? But it still looks bleak. Bloomberg says economy tanked faster than any time since 1982. Ouch.

-- The spot of good news? The Senate passed SCHIP last night. Boo yah!

-- Via LATimes:

On Thursday, three milestones showing the depths of the downturn were reached: The number of workers filing unemployment claims hit an all-time high, sales of new homes fell to an all-time low, and production of durable goods dropped for the fifth straight month, boosting inventories to their highest level since at least 1992....

Calculated Risk has a series of indicator charts on the credit crisis that are equally grim.

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.