Economic News - September 3, 2008

Federal Reserve Beige Book - September 3, 2008

• Commercial real estate activity was weak in 11 of the 12 districts.
  Dallas reported an increase in office leasing and public projects were
  buoying construction activity.


• Manufacturing activity was weak or declining in most Districts but improved in others.

Factory Orders - July 2008

• New Orders: $465.4 billion


• Monthly Change: Up 1.3%

Help Wanted Online Data Series - August 2008

• Online Advertised Vacancies: 4,833,700


• Monthly Change: Up 6.95 (Not seasonally adjusted)


• Year-to-year Change: Up 4%

Weekly Mortgage Applications Survey - September 3, 2008

• Market Composite Index: 453.1


• Change: Up 7.5%


• Purchase Index: 349.0


• Change: Up 10.5%

Mortgage Applications Up

If mortgage applications the last week are any indication, the housing
market is ready to stabilize, if not actually bounce back, in late
September and October. The Mortgage Banker’s Association reported a
10.5% increase (seasonally adjusted) in new applications for home
purchase mortgages last week.

Beige Book: Economy, Spending Slow

The Fed said economic conditions remain "slow" as consumers pull back and
focus on essentials, though exports continue to provide some boost to
the economy.

Factory Orders, Spending Rise

Factory orders climbed 1.3% during July, while a key barometer of business
spending -- nondefense capital goods orders excluding aircraft -- rose
2.5%.

Fed Beige Book Says Economy `Slow' in Most Regions as Price Pressures Rise

Business across most of the U.S. was
``slow'' last month, while almost all Federal Reserve districts
reported pressure to raise prices because of higher commodity
costs, the central bank said in its regional economic survey.

Australia's Trade Balance Unexpectedly Turns to Deficit as on Imported Oil

Australia's trade balance
unexpectedly turned to a deficit in July as oil imports surged
and exports fell.

ECB May Keep Rate at Seven-Year High as Inflation Trumps Risk of Recession

The European Central Bank will keep
interest rates at a seven-year high to fight inflation even as the
euro-region economy teeters on the brink of a recession, a survey
of economists shows.

South Korea to Proceed With Global Bond Sale as it Seeks Damp Crisis Talk

South Korea will start the sale of
$1 billion in global bonds next week and expects companies to
borrow a further $10 billion abroad by the end of the year as
the government seeks to quash speculation of a financial crisis.

BOE May Forgo Rate Cut as Inflation Limits King's Ability to Revive Growth

The Bank of England will keep its
benchmark interest rate unchanged today as the fastest inflation
in more than a decade makes it harder for policy makers to respond
to the risk of a recession, a survey of economists showed.

Foreign investors bought Japan stocks last week

GM August sales fall 20 percent amid incentives

Chrysler Aug U.S. vehicle sales off 34.5 pct

Volkswagen Aug U.S. vehicle sales up 2.9 pct

Nissan Aug U.S. vehicle sales up 13.6 pct

Ford Aug U.S. vehicle sales off 25.5 pct