December 3, 2009
Washington Job Summit
President Obama held his much anticipated job summit; in which 130 executives, small business owners, union officials and academics were asked to help the Whitehouse to come up with a plan to create jobs.
After opening remarks the groups broken into smaller units to review options and to report back to the main group near the end of the day. After reviewing some of the recommendations, no ideas were available for public review. The administration announced that some of the ideas could be implemented immediately, although other required action by Congressional members.
This was a major setback for members many of his own party, as they called for the administration to help reduce the 10.2% unemployment, which is expected to rise again tomorrow. Many Democratic lawmakers are concern that if there is little or no advances to lower unemployment, those who are slated for reelection will have a harder time next November.
For the fifth convective weeks new jobless claims fell
Newly laid-off worker seeking jobless benefits dropped this week for the fifth straight week. Some economist believes that this is a sign that the economy is improving; however, the really is that new jobless claims dropped 5,000 to a seasonally adjust 457,000 the lowest since Sept. 26, 2009 reported the U.S. Department of Labor.
Oil and Gold slid slightly lower, and the U.S. Dollar index ticked up. Indecision in Washington helped with the lack of direction in the commodity market.
Oil* – Down $1.39 to $76.16
Gold* – Down $4.70 to $1,210.40
U.S. Dollar Index* – Up $0.05 to $74.68
Continue to follow these markets throughout the day as I update my Twitter, Blogger, and Facebook pages.
* Prices for these commodities were taken at 3:15 PM CST and may not reflect actual closing prices.