Dollar Stable
Mar 27th, 2009 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar gained slightly on the euro. Late Thursday, the euro was trading at $1.352 vs. $1.358 on Wednesday.
Thursday brought some grim economic numbers.
As Marketwatch wrote: “Now that the books are closed on the fourth quarter’s performance, it’s fair to say that the final three months of 2008 will go down as the worst quarter for the U.S. economy since the 1930s.”
The Commerce Department reported revised fourth quarter GDP figures yesterday, showing that output fell at a 6.3% annualized rate. That’s the biggest drop since 1982 and the third worst gross domestic product figure in the past 50 years.”
In addition, real gross domestic income fell even faster than GDP, sinking at a 7.6% annual pace in the quarter, the worst showing since 1980 and the second worst in the past 50 years.
Underscoring those dismal numbers, the Labor Department released jobless claims data. For the week ended March 21, first-time claims for benefits rose 8,000 to 652,000, or 78% higher than the same period in 2008.
The number of people collecting state unemployment benefits also reached another new record, jumping 122,000 to a seasonally adjusted 5.56 million.
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.