Economics Update

Well, so much for a recovery in employment, initial unemployment claims rose by 24,000 to 484,000, with the 4-week moving average rising by 7,5000 to 457,750, and continuing claims rose by 73,000 to 4.64 million.

Additionally, real estate is looking grim, with foreclosures rising by 7% in the 1^st quarter of2010over the 4^th quarter of 2009, and by 16% year over year, which implies over 1 million foreclosures over the next year.

On the brighter side of real estate, mortgage rates fell for the first time in 5 weeks, and builder confidence rose, though the latter is largely driven by the insane home buyer tax credits.

In consumer credit, credit card delinquencies fell in March, though Capital One is doing worse. (What's in your wallet?)

In more general metrics, the Philadelphia Federal Reserve Bank's Business Activity Index beat expectations, rising to 20.2, beating forecasts of 20, and factory production grew by 0.9%.

Meanwhile in currency and energy, concerns about Greece drove the dollar up, and oil down.