Economics Update

Well, some employment numbers are out, and they suck wet farts from dead pigeons. Job cuts in November were up 148% from last year, 181,671 according to Challenger Gray & Christmas said and 250,000 according to ADP.

Other metrics are bad too, with the Fed's Beige Book showing economic slowdown in every one of the Federal reserve districts, and the Institute for Supply Management's Non-Manufacturing Index dropped off a cliff, falling to 37.3 from 44.4 in October.

Service activity in Europe is falling, with the Euro Zone service activity falling to a 10 year record.

In retail, we have Retail Tracker more than tripling its estimate as to the decline in this years holiday shopping season.

There is some bright news, with mortgage applications rising 112% in last week, though I tend to believe this analysis, that this is not new demand, but people scrambling to lock in the rate.

It's one of those things that makes week to week stats noisy.

What isn't noisy is the fact that Manhattan empty office space has doubled, and if there is a glut of office space there, there's a glut of office space everywhere.

In international finance, we have, VEB, a Russian State Bank asking for a $34 billion cash injection, and the Kiwis% and the Thais central banks slashing their rates by 150 and 100 basis points (1% and 1.5%) respectively.

This makes it no surprise that the dollar gained against the euro and pound.

In energy, despite OPEC's announcement of its intent to cut wasdown again today, and retail gas prices fell for the 77th straight day.