Morning Economic News - October 7, 2008

Overseas markets are unwinding some of Monday's drama with the dollar up against the yen, down against the euro, US stock market futures up (with the DJIA futures back above 10,000) and oil up 3%, but still well barely breaking the $90/barrel mark. Key interest rates still reflect serious trouble in markets for corporate and interbank credit. [3:38 AM Eastern Time]

Employment Trends Index - September 2008

• Employment Trends Index: 108.4


• Monthly Change: Down 0.8%


• Year-to-year Change: Down just under 10%

Are IRAs safe?

An IRA is nothing more than an account held with a custodian that
has certain tax advantages that vary with the type of IRA. Inside that
account can be almost any kind of investment: commodities, real estate,
FDIC insured bank accounts, T-bills, stock or bond mutual funds and,
yes, stocks...

...[an] IRA could be filled with investments that
make stocks look stable and secure by comparison. Oil and many other
commodities, for example, are down more than twice as much as the major
stock indexes in the same period. High yield bond mutual funds? Riskier
than stocks. Subprime mortgage backed securities? Make stocks look like
gold by comparison.

Markets Fall on Rescue Doubts

Markets around the world tumbled, reflecting investors'
lack of confidence despite stepped up relief efforts by the Fed and
European governments.
The Dow industrials fell below 10000 and European stocks fell to 20-year lows.

IRS Lets Firms Tap Cash Overseas

The IRS relaxed the rules governing how U.S. corporations
can repatriate cash parked overseas in an effort to ease the credit
crisis.

More Economists Expect Recession

A growing number of economists think the U.S. economy is likely either already in a recession or will be by the end of the year.

Treasury's Ryan-More needed to unlock credit markets

S.Korea plays down crisis as won hits 7-yr low

U.S. Sept consumer sales drop sharply -MasterCard