There is more reason to be thankful, but less to be thankful for this Thanksgiving. Perhaps the economy is the Thanksgiving Turkey this year as economic data and global events appear to be escalating in the wrong direction. Three of the largest global economies are in jeopardy and mass sentiment indicates social turbulence fueled by economic concerns as evident in world wide protests.
• BLS: 393,000 Jobless claims were filed for the week ending 11/19/2011• Reuters: Chinese manufacturing contracted to 32 month low in November
• CNBC: Mortgage Bankers Association reports mortgage demand fell 1.2%
• Zero Hedge: Renegotiation of failed bank Dexia cautions on French credit
• BEA: Personal incomes for October rose .4%
• Bloomberg: German bond auction spells change, trouble or both
• MarketWatch: Greek membership in Euro is contended
As the European economy flounders with debt issues, recessionary pressure and political integration issues, the Euro has taken a hit causing the dollar to rise. That could be a good thing as it means confidence in the dollar, but it also affects commodities prices inversely, and funds heavily weighted with commodities priced in U.S. Dollars.
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