Scary Cliff:The National Association of Manufacturers has released a report showing thatif all the scheduled spending cuts and tax increases took effect when the Fiscal Cliff hits, it would cost 6mm jobs and push unemployment to 11% by 2014.
Muni Retirement Risk:A Pew study finds the gap between state assets and obligations nationwide is now $1.4T, up about 9% from the prior year.
Euro Stress:The latest data shows unemployment in the Euro Zone hit another record in Sept., reaching 11.6%. This compares to 7.8% in the U.S. and 7.9% in the U.K. Overall, Spain was in the worst shape at 25.8%, followed by Greece at 25.1%. The data shows problems in the EU are far from resolved and more is needed to get things moving again. This is particularly important to the U.S. because the EU accounts for about 21% of overall U.S. exports.
Debt Owed: The latest data from the Treasury shows every household in the U.S. owes about $47,495 to foreign countries, a 72% increase since 2008 (the largest amount, about $10,000, is owed to China).
(source: PCBB Newsletter)
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