Here’s a quick recap of the week that was, before I have to skiddadle (yes, that is a word) and hurricane-proof the house.
- Westchester job prospects improving: The county’s unemployment rate dropped to 6.7% in July from 6.8% in June and from 7.3% in July 2010. The reality is that Westchester likely won’t see monthly a decline of more than 0.1 or 0.2 percent in the unemployment rate until at least 2012. However, by all accounts, this month’s jobs report was one of the best signs Westchester has received in some time.
- For the complete story on the county’s employment picture, visit us online!
- National outlook takes a shellacking, but no panic: New-home sales dropped, consumer confidence fell significantly, and the U.S. revised its initial 2Q GDP growth rate down to a measly 1% from earlier estimates of 1.3% growth (admittedly, pitiful either way).
- The glass-is-half-full take on everything we witnessed this week: the markets did not panic. Even though Fed Chairman Bernanke didn’t signal a new round of bond-buying as was hoped for by much of Wall Street, the markets still ended the week on a high note. Consumers are looking for anything – any sign – that the economy is recovering. Seeing the market perform well this week despite some discouraging news is in and of itself an encouraging thing for consumers.