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Gasoline markets slip, financial markets stumble

Yesterday's financial market action was very revealing. As Olivier Jakob of Petromatrix perceptively describes it, "liquidation on gasoline led to a correction in crude oil, which in turn pressured equity markets". The problem is that financial...

Published 23 Jun 2009 20:47 by Chemicals & The Economy

Filed under: housing, President Obama, chemical sales, unemployment
US unemployment hits 9.4%

The US unemployment rate is now at its second highest level since records began in 1948. It was only higher in the early 1980's, at 10.9% in December 1982. It rose last month to 9.4%, and is now above the May 1975 peak of 9%. The only positive sign...

Published 8 Jun 2009 7:15 by Chemicals & The Economy

Filed under: Economic growth, unemployment
US Fed supports Wall Street earnings, ignores corporate sector risks

In July 2007 , the US Federal Reserve warned that "credit concerns were spreading" and estimated that total bank losses due to US sub-prime loans could reach $100bn. Yet now , after the conclusion of its "stress tests", the Fed says...

Published 10 May 2009 14:49 by Chemicals & The Economy

Filed under: Economic growth, Financial Events, Futures trading, M & A, Leverage, Federal Reserve, bankruptcy, Minsky moment, unemployment
EU sees 11% jobless; US banks raise interest rates

The European Commission has again reduced its growth forecast for the EU. It now sees a 4% decline in GDP this year, and for the first time is suggesting that recovery will be delayed until mid-2010. As a result, it expects unemployment to reach 11%,...

Published 6 May 2009 0:23 by Chemicals & The Economy

Filed under: EU, Economic growth, M & A, Leverage, Federal Reserve, unemployment
US housing starts stabilise

As the blog had hoped , US housing starts have stabilised in recent weeks. As the chart from Wall Street Journal shows, single-family home starts in March remained at c360,000 for the 3rd month running. Equally, the National Association of Home Builders'...

Published 18 Apr 2009 14:48 by Chemicals & The Economy

Filed under: Economic growth, housing, unemployment
US auto sales start to bottom

The blog may be over-optimistic, but as with US house markets , it is hopeful that US auto market may have hit at least a temporary bottom. Spring should be a good period for sales, and March saw auto volumes down 37% versus 2008. This was a relatively...

Published 4 Apr 2009 21:00 by Chemicals & The Economy

Filed under: Economic growth, Financial Events, auto sales, Toyota, Chrysler, GM, Ford, unemployment

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Gasoline markets slip, financial markets stumble

US unemployment hits 9.4%

US Fed supports Wall Street earnings, ignores corporate sector risks

EU sees 11% jobless; US banks raise interest rates

US housing starts stabilise

US auto sales start to bottom