Today’s 106,000 Challenger Job Cuts was the single biggest announced cutback in the last four years and 2 1/2 times last month’s number. Most of these layoffs are coming from the U.S. Army. Weekly Jobless Claims are near forecasted levels at 270,000. The DOW is down 160 and Mortgage Bonds have reversed their three day losing streak.
Bank of England kept their benchmark interest rate at 0.5% today. Though the U.S. Fed still won’t pin down a date, the apparently more clear-sighted UK equivalent says that they anticipate raising rates starting early next year.