Jul 17

How many bank failures?

Just back from holidays with a week off…anyway…another couple of bank failures in the US…First Piedmont Bank, Winder, Georgia and BankFirst, Sioux Falls, South Dakota …these
are the 54th and 55th banks to collapse in the US since the start of this “Great Recession”.

Other interesting US economic points of note…

  • The state of Michigan (home of the US Car Industry) has the highest unemployment in the US at 15.2%; Rhode Island has the second highest unemployment level at 12.4%
  • FOMC (a component of the Federal Reserve) staff revised up its projection for the increase in real GDP in 2010, to a pace above the growth rate of potential GDP. As a consequence, the staff projected that the unemployment rate would rise further in 2009 but would edge down in 2010. Meanwhile, the staff forecast for inflation was marked up.
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