Early numbers are out, and the results of the economic indicators are -- stop me if you've heard this one before -- not good.
The Labor Department reported that initial requests for unemployment benefits fell from the previous week's figure of 543,000 to a seasonally adjusted 529,000. The number of people continuing to claim unemployment insurance, however, dropped unexpectedly to 3.96 million from 4.02 million last week -- the highest level in 25 years.
The Commerce Department reported that consumer spending fell by 1 percent in October, worse than the 0.9 percent decline that had been projected. Consumer spending accounts for two-thirds of total U.S. economic activity. And as we all know, few people are spending these days.
And orders for durable goods fell last month by 6.2 percent, the largest amount in two years and more than double the decline expected.
-- Monica Norton
Washington Post editors
November 26, 2008; 10:08 AM ET
Categories: The Ticker | Tags: economic indicators
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