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World markets weak ahead of unemployment report but don't panic
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World stock markets slid this morning on the possibility, not the probability, that today's unemployment report will top 10%. US stock futures look weak, although yesterday's sharp drop discounted much of today's anticipated negative news.
Prices for crude oil are also soft affirming today's bearish economic sentiment. Adding to the markets woes are projections by some Wall St. economists that the retail sector will be weaker than anticipated now the the cash for clunker program is ending and that unemployment claims rose for the weak. And of course, credit remains tight
None of this matters very much. Total output could reach as high as a healthy 3% according to most bullish economists, housing prices have stabilized and sales are making a real recovery, industrial production appears to show significant growth, consumer spending is up and running, interest rates are low, the stock market and to some extent the real estate market are beginning to make some people feel a little wealthier and layoffs have shrunk to a trickle.
With momentum for the economy and the markets on the bullish side, I would listen the the more optimistic gurus on the street.
