US economic numbers looking bad
Source: Press TV, 18-10-2008
US President George W Bush has again urged Americans to be patient as more dire economic news suggested the US economy is moving toward recession.
Bush insisted that the government is taking "systematic and aggressive" measures to stabilize financial markets, and has denied that that the dramatic moves were a step towards nationalization.
The Treasury earlier this week unveiled a plan buy up some USD 250b worth of shares in major banks participating in the government's rescue plan. Similar plans have been announced in Europe.
Bush's address came as housing starts for single family homes fell to a 26-year low in September, signaling the housing downturn at the heart of the financial crisis has yet to reach bottom.
Housing starts fell 6.3 per cent from August to 817,000, the Commerce Department reported, as construction companies struggled to lure in new buyers in a weak market.
Bush's remarks also did not encourage the market as US stocks fell on opening after new housing numbers reinforced fears of a pending recession in the US.
The Dow Jones Industrial Average was down 149.82 points, or 1.67 per cent to 8,829.44 at 9:48 am (1348 GMT). The broader Standard & Poor's 500 fell 1.54 per cent to 931.85.
US President George W Bush has again urged Americans to be patient as more dire economic news suggested the US economy is moving toward recession.
Bush insisted that the government is taking "systematic and aggressive" measures to stabilize financial markets, and has denied that that the dramatic moves were a step towards nationalization.
The Treasury earlier this week unveiled a plan buy up some USD 250b worth of shares in major banks participating in the government's rescue plan. Similar plans have been announced in Europe.
Bush's address came as housing starts for single family homes fell to a 26-year low in September, signaling the housing downturn at the heart of the financial crisis has yet to reach bottom.
Housing starts fell 6.3 per cent from August to 817,000, the Commerce Department reported, as construction companies struggled to lure in new buyers in a weak market.
Bush's remarks also did not encourage the market as US stocks fell on opening after new housing numbers reinforced fears of a pending recession in the US.
The Dow Jones Industrial Average was down 149.82 points, or 1.67 per cent to 8,829.44 at 9:48 am (1348 GMT). The broader Standard & Poor's 500 fell 1.54 per cent to 931.85.
Comments
- Related News
