Last week’s somewhat surprising news that unemployment continued to rise in August to 9.7% as 216,000 jobs were shed during the month raised concerns anew that the shaky recovery may well be a jobless one. At least one group returns to work in this holiday-shortened week: the United States Congress reconvenes following its August recess. A joint session of Congress will greet President Obama on Wednesday at which he will present anew his vision of healthcare reform, part of which he previewed in a Labor Day speech in Cincinnati. Former Senate Majority Leader and Presidential candidate Bob Dole had some advice for Mr. Obama in a Washington Post Op Ed last week.
A week after releasing his damning report on the SEC’s failure in the Bernie Madoff case, the Commission’s inspector general, David Kotz, along with Madoff whistleblower Harry Markopolos and the SEC’s Robert Khuzami and John Walsh, appear before the Senate Banking Committee in the afternoon of September 10 to discuss that failure.
As for market-moving news, the consumer credit report is to be released on the afternoon of September 8, and the ICSC-Goldman retail sales report released early on the same day showed further declines. On September 10, the Labor Department will release weekly unemployment insurance claims; last week’s claims were down slightly from the previous week, but looking at claims from a four-week moving average viewpoint showed a slight rise.
How does Warren Buffett feel about the markets these days? A New York Times article reads the wizard’s tea leaves, while at Forbes, you might want to check out how even the swankiest homes values have been hit in its wealthiest-Zip-codes-in-the-U.S. feature.