Thursday, June 09, 2005

Quick Overview

  • The number of U.S. workers filing for initial unemployment benefits fell 21,000 to 330,000 for the week ended June 4, the Labor Department reported Thursday.

  • The amount of new debt taken on by Americans rose 10% in the first quarter, to $24.8 trillion, the Federal Reserve said Thursday. It was the fastest growth since the second quarter of 2003. Federal government debt rose 13.8%, its fastest quarterly pace in two years. U.S. mortgage debt rose 10.5% in the first quarter and business debt rose 7.5%, the Fed said.

  • The first tropical storm
    of the 2005 hurricane season formed in the northwest Caribbean, moving closer toward Cuba and on a track to hit the U.S. Gulf Coast, the Associated Press reported Thursday.

  • Stock index futures and the Dollar rallied midday as traders decided Greenspan offered no major changes in monetary policy during his congressional testimony.

  • The U.S. Department of Energy said that natural gas supplies were up 112 billion cubic feet to 1.890 trillion cubic feet. Supplies are now up 14% from a year ago.

  • The latest USDA Drought Monitor shows abnormally dry conditions stretching from Michigan to Louisiana.

  • An index of consumer confidence in Japan increased from 47.4 to 48.3 in May, still a sign of pessimism.

  • Australia's unemployment rate remained at 5.1% in May, the lowest in 28 years.

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