Reports last week about the economy remained negative except for a few bright spots. Consumer confidence continued to fall as it nears 1992's all-time low mark. After weeks of decline, the price per barrel of crude oil rose $4 midweek as summer travelers stayed on the road and cut into America's already low gas supply level. Unemployment continued to increase as 51,000 jobs were cut in July; many analysts agreed this declining trend in employment is further proof the United States is in a recession. The Federal Reserve extended its emergency lending programs to Wall Street firms through January 30, 2009, as markets remain fragile. Even though the growth rate of real gross domestic product grew in the second quarter by an annualized 1.9%, experts indicated the United States may have started into a recession at the end of 2007. Investors do not expect the Federal Open Market Committee (FOMC) to raise the federal funds rate target when it meets August 5.

[ Mon, 04 Aug 2008 08:45:00 GMT ]

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