Thursday, December 10, 2009

Wondering and Waiting

As I look back at the past month I notice that the number of people who are losing their jobs is receding. The overall unemployment numbers are beginning to drop. Earnings reported for the third quarter by large corporations were reasonably good, even if it was through cost cutting and layoffs. The consumer seems to be a bit freer in their spending. While savings rates have dropped since the summer they are still above 4% which I also consider to be a good sign. Finally, banks and government are beginning to talk about loans for small businesses and General Electric Credit is actually advertising the availability of such loans. This is important since small businesses drive most of the jobs in the U.S. and they need a source of credit. All of these tidings seem to bode well for the economy going forward. Nothing appears to be jumping forward at a rapid rate but slow and steady can win the race. I am still waiting and wondering if all of this will hold and I am thankful for the signs we are seeing. Ed Mallon

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