Today’s Peek at the Economy

The weekly jobless claims were down to 391,000 from a revised 413,000 last week. While that’s better, the durable goods number, although up 2.7, was disappointing according to pundits. If you take out transportation, the number was down 3.6. If you take out non defense orders and go to capital good orders, it was a dismal minus  6.9.

An economist on CNBC bemoaned that people are leaving the dollar in droves. The past three days have seen people going to gold, silver and the Swiss franc.

Jerry Webman of Oppenheimer Funds said that “the expansion is unsustainable unless it begins to work into the employment …unless we begin to hire people we’re going to get more bad political decisions. We’re not going to get the self sustaining, virtuous cycle that we’ve been enjoying so far.”

My own personal barometer, Joseph A. Bank, ran an ad yesterday offering $1,000 in merchandise with the purchase of a suit. That wouldn’t indicate a greatly improved economy.

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