HOPEOLOGY

[hohp-ol-uh-jee] – noun: the study of confidence, trust, and the audacity of hope.

Reuters: Fresh data offers hope for economy

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happy shoppers

Waiting to see evidence of consumer confidence has been like waiting for your number to be called at the DMV; it doesn’t mean the wait is over, but at least there’s activity.

In Washington, researchers have seen activity. Reuters reports:

The Commerce Department said on Thursday that sales at U.S. retailers rose 0.5 percent last month, lifted by strong gasoline and building material receipts.

A separate report from the Labor Department showed the number of U.S. workers filing new claims for jobless aid fell 24,000 to 601,000 in the week ended June 6, the lowest since the week of January 24.

“It looks like we are turning the corner. There is pretty clear evidence that the worst of the labor downturn has passed, but we still expect more job losses,” said Zach Pandl, an economist at Nomura Securities International in New York.

U.S. stocks were modestly higher, while the value of the dollar edged up against the Japanese yen.

The data bolstered the argument that the economy’s severe recession was close to hitting a bottom, with the sales report raising optimism that consumer spending would probably be flat to only modestly lower in the second quarter. Read the full story…

Sweet. Now all we have to do is stand in 13 more lines, fail one driver’s license renewal test, pass the second, and take a hideously unflattering picture and this recession will be over!

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Written by trueseven

June 11, 2009 at 9:22 am

Posted in Money

Tagged with

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