There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following:
- The Dow Jones Industrial Average opened the week at 10,520 and, on Monday, the market rose 27 points.
- On Tuesday, the Dow Jones Industrial Average dropped 2 points.
- On Wednesday, the Dow Jones Industrial Average gained 3 points.
- On Thursday, the Dow Jones Industrial Average fell 120 points and closed the year at 10,428.
- On Friday, the markets were closed for New Years Day.
- The occupations hardest hit by unemployment in 2009 were architects, carpenters, pilots, assembly workers, production supervisors, software engineers, construction workers, mechanical engineers and bank tellers.
- A recent study concluded that there will be a massive layoff of teachers across the country when federal stimulus money runs out in 2011-12.
- Recent holiday sales exceeded expectations. Retail sales in the 2009 holiday season were estimated to be 3.6% higher than in 2008.
- The federal estate tax law expired on Thursday leaving accountants, estate planners and attorneys facing a great deal of uncertainty about what the future holds.
- Average home prices are down 29% from their all-time highs.
- Newsweek warns the serious state and local budget cuts may be the next big crisis facing the economy. Newsweek warns that government revenues usually lag downturns in the economy by one to three years. Thus, the worst may still be ahead for state and local governments.
- Apartment renters are big beneficiaries of the downturn in the economy. In an effort to maintain occupancy, landlords are cutting apartment rental rates and offering generous concessions. At present apartment vacancy rates are approximately 7.8%.
- Retailers received a pleasant post-holiday surprise ? December 26 ended up being the second busiest day of the holiday season.
- The number of people filing new unemployment claims last week dropped to the lowest level since July, 2008.
- On a positive note, 2009 was a bad year for Ponzi Scheme operators. More than 150 Ponzi Schemes failed in 2009. A bad economy makes it difficult for Ponzi Scheme operators to sustain their frauds.
- The national debt is now $12.1 trillion.
- HAPPY NEW YEAR FROM PAGE PERRY.
Page Perry’s Market Monitor is published periodically to give investors an overview of certain recent developments impacting the economy and/or the investment markets.