Economic report

The start of a new week has not been good to the economy, per the Los Angeles Times, who reported that stocks have fallen as after a steady month of September. The Dow Jones industrial average dropped 80 points today and while this isn't good for businesses, analysts expected the drop after a 10.4 percent gain in the Dow last month. The New York Times reports that they are expecting consumer credit reports for August and weekly jobless claims this week in addition to unemployment and nonfarm payrolls for September. The new data will shed a more precise light on the current economic state as we move closer to the end of the year. The USA Today mentions Obama’s meeting with his economic recovery advisory board, who have urged him not to raise taxes on the wealthiest 2 percent of Americans, favoring an extension of former president Bush’s tax cuts.

President Obama with economic recovery advisory board members William Donaldson, second from right, and Martin Feldstein, right. (Photo Credit: Susan Walsh, AP)

Posted by Joseph Apodaca