The Department of Labor reports unemployment (initial claims) statistics as follows.

“In the week ending June 19, the advance figure for seasonally adjusted initial claims was 457,000, a decrease of 19,000 from the previous week’s revised figure of 476,000. The 4-week moving average was 462,750, a decrease of 1,500 from the previous week’s revised average of 464,250.”

These figures are still high and continued job losses may still be on the horizon.

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Here is a breakdown;

Sales fell 32.7% below the April 2010 and were off 18.3% below the May 2009.

• Median sales price decreased 9.6% from May 2009 to $200,900.

• Purchases dropped in all four U.S. regions last month.

• A record 53% sales drop occurred in the West.

• Supply of homes jumped to 8.5 month’s worth, up from 5.8 months in April.

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Source: Bloomberg Business Week. Kan Plans May Require $76 Billion Japan Tax Rise

“June 16 (Bloomberg) — Japanese Prime Minister Naoto Kan may have to raise taxes by as much as 7 trillion yen ($76 billion) to fulfill his pledge to cap bond sales in coming years, according to an independent adviser to the government.

Kan has committed to holding new bond sales to 44.3 trillion yen through the year to March 2012. At the same time, his administration is considering an annual public-spending limit of 71 trillion yen over the coming three years, according to two government officials familiar with the deliberations.”

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The FDIC seized 3 more banks, raising the totaled number of failed U.S banks in 2010 to 81. FDIC Chairman Sheila Bair has said in the current banking crisis, failures will peak in 2010.

According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.

Brief Rundown;

Bank                                                                                     Assets                                   Deposits

BTierOne Bank (Nebraska)                                           $2.8 billion                       $2.2 billion
Arcola Homestead Savings Bank (Illinois)              $17.0 million                    $18.1 million
First National Bank (Mississippi)                              $60.4 million                   $63.5 million

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The job market will remain sluggish for 2010! Companies for the last two years have downsized to an efficient operating workforce, therefore without demand, hiring will remain flat.

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According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.

Brief Rundown;

Bank                                                                                     Assets                                   Deposits

Sun West Bank (Nevada)                                               $360.7 million                   $353.9 million
Granite Community Bank (California)                      $102.9 million                    $94.2 million
Bank of Florida – Tampa Bay (Florida)                    $245.2 million                     $224.0 million
Bank of Florida Southwest (Florida)                          $640.9 million                    $559.9 million
Bank of Florida Southeast (Florida)                            $595.3 million                   $531.7 million

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“In the week ending May 22, the advance figure for seasonally adjusted initial claims was 460,000, a decrease of 14,000 from the previous week’s revised figure of 474,000. The 4-week moving average was 456,500, an increase of 2,250 from the previous week’s revised average of 454,250.”

These figures are still high and continued job losses may still be on the horizon.

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From the New York Times:

“As of Wednesday, Wall Street valued Apple at $222.12 billion and Microsoft at $219.18 billion. The only American company valued higher is Exxon Mobil, with a market capitalization of $278.64 billion.

The revenue of the two companies are comparable, with Microsoft at $58.4 billion and Apple at $42.9 billion. Microsoft is sitting on more cash and short-term investments, $39.7 billion, to Apple’s $23.1 billion, which makes the value assigned by the market to Apple — essentially a bet on its future prospects — all the more remarkable.”

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According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.

Brief Rundown;

Bank                                                                    Assets                                   Deposits

Pinehurst Bank (Minnesota)                    $61.2 million                     $58.3 million

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