High Oil Prices 'Top Concern'

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By
Muhammed El-Hasan
on July 3, 2008 11:02 AM | | Comments (0) |

Today I received this from Wells Fargo senior economist Scott A. Anderson:


"Crude oil prices are now our top economic concern, outweighing the housing market and credit problems. Labor market trends continue to deteriorate with job losses across a broad spectrum of industries and earnings growth falling further behind inflation."

Anderson goes on to say that nonfarm job losses will continue through the end of the year with national unemployment to hit 6%. Also, he says that the Fed will hike interest rates before the year is up to temper inflation.

Hang in there, folks. Things are bound to get better eventually.

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This page contains a single entry by Muhammed El-Hasan published on July 3, 2008 11:02 AM.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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