Ed Yardeni has a great graph of European sovereign yield history. It’s interesting to note that yields have basically rebounded to levels that prevailed before the euro was launched. Of course, some of the rebounding has moved faster and climbed higher in certain countries.
Daily Archives: November 10, 2011
US Jobless Claims Drop To 390k As Euro Crisis Deepens
The drop of 10,000 in new jobless claims last week to a seasonally adjusted 390,000 provides a bit of a shock absorber for sentiment in the wake of the new wave of euro turmoil via Italy. Yes, even last week’s numbers may be out of date as the Continent’s woes worsen. But for the moment, at least, we know that the labor market was continuing to heal on the margins, as suggested by other metrics, such as the Monster Employment Index or the payrolls report for October. The progress has been slow, but at least there’s been some progress. The optimistic view with the number du jour is that the tepid installment of the latest virtuous cycle is spilling over into November. The big mystery is whether the tenuous revival will survive the new bout of euro darkness? Questions, questions, always fresh questions.
The Italy Factor Gets Ugly
Is the euro Toast? Maybe not, but if you thought the currency was under pressure before, well, you ain’t seen nothin’ yet.