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Thursday, February 07, 2008

Hmmh.

It's going to be a long day for releases. This afternoon we expect consumer credit from the Fed, pending home sales are due at 10, and of course we got the weekly unemployment claims report. The bummer on that one is that continuing claims continue to rise, and as of last week, were up to 3,349,982.

Seasonal adjustments for UI at this time of year are doubtful, which explains how raw claims can go
Jan 19: 415,149
Jan 26: 369,944
Feb 02: 379,507
but through the magic of seasonal adjustment, be reported as:
Jan 19: 306,000
Jan 26: 378,000
Feb 02: 356,000
What really matters are continuing claims which are moving in an unpleasant direction:
Jan 12: 3,272,000
Jan 19: 3,249,574
Jan 26: 3,349,982
This week's NSA insured unemployment rate and SA insured unemployment rate are still trending .2 above last year's. However, a lot unemployment isn't insured, and if you look at the way tax receipts are coming in, it looks like self-employed and small business are taking a worse hit than larger businesses.

But the good news is that oil and gasoline supplies are high, and demand is quite moderate. Therefore, I hope to see some gradual easing of prices this year. Until diesel prices fall off, pricing pressures will remain high and the tendency will be for price increases to filter through to the end user:


Gas prices are of course causing consumer pain, but slowly moderating:


US demand has been weak, which is not surprising for a country in the early stages of a recession.


Comments:
And I thought you all had problems!!

Adoption of Islamic Sharia law in Britain is 'unavoidable', says Archbishop of Canterbury
Last updated at 15:39pm on 7th February 2008

You could not make it up.

http://news.bbc.co.uk/1/hi/uk/7232661.stm

Half our family come from around New Haven, Conn. I think I will buy a one way ticket.

Off to buy a large bottle of gin!
 
Well he has not struck me as being the most intelligent and far-seeing of gents.

I'm almost speechless, since I started the day reading an account of a female businesswoman in Saudi Arabia being beaten and jailed after the power in their office went off, and they all went to a local restaurant. That put her in the company of an unrelated male, and the rest was brutal.

Sharia law is nothing I would want to live under. What Williams appears to be saying is that if people don't like the laws of the country, the laws should be changed just for them.

Is it going to be legal for a Muslim family in the UK to kill their daughter if she has premarital sex? To kill their son if he's gay? Is it going to be legal for a man to divorce his wife by announcing it three times?
 
I would rather not be around here to find out, but I wish we could change an Archbishop by just saying "Bugger off" three times

Covey
 
Yes, well if I were you guys, after this I'd look across the pond and contemplate that the colonials may have had a bit of wisdom in disestablishing the church. It's not too late!! Bad ideas should be tested in the marketplace, and our churches have to compete on a level playing field!

I'm just saying. I'm really shocked, and this worries me badly.

The Aussies are holding out well against the idea that a tolerant culture will just let Sharia take over, but this is not what I expect to see from the nation that spawned Winston Churchill.

Oh - that's right - now your educational system has produced a generation that believes he's a myth.
 
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