An Alstry Update
As I have been educating Awalljar, tommorow we are going to get the MONTHLY unemployment report and the report is likely going to be MUCH WORSE than expected even though most of the WEEKLY first time claims have been better than expected. It will reveal that tens of millions of Americans are either unemployed or underemployed.....and that doesn't even count the millions of self-employed that are not working or making very little and NOT counted in the statistics.
In addition to cutting jobs, employers now at increasing rates are slashing wages making it very difficult for millions of families to meet their monthly budget. Just ask most of the salespeople or waitstaff you know. It is now hitting engineers, architects, lawyers and doctors.
We are seeing evidence of the distress with the article posted earlier today informing us that millions of American children are hungry, or earlier articles informing that generations of families are moving in together just to make ends meet.
We know that food banks are running out of food around the country....and now seeing middle class families that never used to frequent before.
We are also seeing record numbers of homes being foreclosed. This time around, it is not limited to sub prime, but now we are moving up the social ladder to prime and jumbo prime.....on no...the rich....or nuvo rich.
Commercial RE debt defaults is now going parabolic. Vacancies at shopping centers and office buildings are increasing every month.
Foreign trade is grinding to a halt....Japan's exports are DOWN almost 50% and our auto sales are down about the same over the last couple years.
New home construction is almost non existent with new starts running 1/5 of what they were just a couple years ago.
Now healthcare is beginning to lay off workers as revenues to hospitals and clinics are drying up....
The final shoe to drop will come this summer when many city, county and state budgets will be revised shocking many on how low revenues have actually slowed. You should not be surprised if you see some pretty heated debates.
So are we at a bottom??? Alstry nor the Institute of Alstrynomics sees a shred of evidence supporting such a contention. As a matter of fact....it is the Institute's position that things are getting dramatically WORSE!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I guess we shall get a glimpse tomorrow morning when the monthly numbers are reported......will we cross that dreaded 17% threshold even when weekly claims came in below expectations?????
Could Alstry be right again???? Stay tuned and PREPARE!!!!!!!!!!!!!!!!!!!!!!!! You have been warned again and again and again and again and again.