More State of the Union – Economy

Wholesale prices rising at fastest pace since 1981
Wholesale inflation surged by 1.2 percent in July, more than double what had been expected

 

WASHINGTON (AP) — Wholesale inflation surged in July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released Tuesday.
http://biz.yahoo.com/ap/080819/economy.html 

WASHINGTON (Reuters) – Home building projects started in July fell 11 percent to the lowest annual rate in more than 17 years, while building permits tumbled 17.7 percent, the Commerce Department reported on Tuesday.

http://biz.yahoo.com/rb/080819/usa_economy_housing.html

Fiscally Unsound, Part I

Pattern?
 

• The Consumer Confidence Index is the lowest since 1992 (Republican President).
• The S&P/Case-Shiller national home price index fell 14.1 percent in the first quarter compared with a year earlier, the lowest since 1988 (Republican President).
• Record declines in housing were recorded in 15 metro areas.
• Prices declined in 19 of 20 metro areas tracked by the Standard & Poor’s/Case-Shiller home-price index.
• The Office of Federal Housing Enterprise Oversight said home prices fell 3.1% in the first quarter, the largest drop since 1991 (Republican President) .
• Food inflation is the highest since 1990 (Republican President) .
• Diesel prices rose slightly Tuesday to a new record national average of $4.768 a gallon, according to AAA and the Oil Price Information Service.
• “If present trends continue, we could be heading for the first annual drop in gasoline consumption in some 17 years (Republican President),” 
• Crude sets new record above $135.

 

  

Sources, top to bottom:
http://www.msnbc.msn.com/id/24839783
http://www.msnbc.msn.com/id/24760224/
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomePriceReport.aspx
http://www.msnbc.msn.com/id/12400801/
http://money.cnn.com/2008/05/22/markets/oil.ap/index.htm?eref=time_us
http://bigpicture.typepad.com/ 

Worst food inflation since H. Bush

U.S. seeing worst food inflation in 17 years

Associated Press
updated 6:18 p.m. CT, Tues., April. 15, 2008
http://www.msnbc.msn.com/id/24127314

The U.S. is wrestling with the worst food inflation in 17 years, and analysts expect new data due on Wednesday to show it’s getting worse.

-  Analysts are forecasting that Wednesday’s Department of Labor report will show the Consumer Price Index rose at a 4 percent annual rate in the first three months of the year, up from last year’s overall rise of 2.8 percent.

-  “I was talking to people who make $9 an hour, talking about how they might save $5 a week,” said Kathleen DiChiara, president and CEO of the Community FoodBank of New Jersey. “They really felt they couldn’t. That was before. Now, they have to.”  For some, that means adding an extra cup of water to their soup, watering down their milk, or giving their children soda because it’s cheaper than milk, DiChiara said.

 

When dinner for 4 is $581 million, you have hyper-inflation

Check out this crazy article on Zimbabwe’s economy:

Poor Billionaires

In a nation with rampant hyperinflation, bread is a bargain at just $10 million. Inside Zimbabwe’s collapsing economy.

By Scott Johnson | Newsweek Web Exclusive

Mar 25, 2008 | Updated: 4:49  p.m. ET Mar 25, 2008

http://www.newsweek.com/id/129010/page/1