Economic Summary - July 2009
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Consumer Price Index Inches Upward
July 14, 2009
The U.S. consumer price index (CPI) inched upward in May up .09% over April. Overall CPI is down 1% from May of 2008. Watch this indicator closely as it moves from deflationary to inflationary in the coming months.
Personal Income Continues to Drop
July 14, 2009
Adjusted, personal income dropped slightly, .58%, in the first quarter of 2009 from the fourth quarter of 2008 despite an across-the-board pay increase given to all federal employees in January. Personal income is expected to be down for the second quarter 2009 as well.
Personal Consumption Drops
July 14, 2009
Personal consumption increased slightly, .34%, in the first quarter of 2009 from the fourth quarter of 2008. Consumption is down 1.4% from a year earlier, first quarter of 2008.
Unemployment Skyrockets
July 14, 2009
The U.S. unemployment rate shoots up, see chart, with an increase again in June up another 1.06% reaching 9.5%. Unemployment is up 69.9% over June of 2008. Rates have not been this high since 1983 when rates declined from a high of almost 12%.
Oil Prices Top $60
July 14, 2009
The price of West Texas Crude finished June at $69.30, down forty cents per barrel from May. In June of 2008 prices were at $133.40 per barrel.
U.S. Gross Domestic Product Down
July 14, 2009
Gross domestic product (GDP) dropped 1.4% in the first quarter of 2009 from the fourth quarter of 2008. GDP is down 2.5% from the first quarter of 2008. GDP is expected to continue dropping into the second quarter of 2009.
Let me know if you have any comments, questions or suggestions. Write David W. Weatherholt at david@bnewsviews.com
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Business/News & Views® / by David. W. Weatherholt
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Published in the United States of America through www.waconsult.com
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