Weekly initial jobless claims came in higher than expected, at 450K as opposed 432K, and the 4 week moving average is 440.5K, the highest number since 2002.

At the same time, the CPI numbers are grim, with prices up 0.8% in July, and 5.6% year over year.

The Europeans are not doing much better, with GDP declining 0.2% in the 2nd quarter.

The European weakness, meant a Euro weakness, with the dollar gaining against the Euro.

These indications of a global slowdown have pushed oil prices lower, and Gasoline is down too.

Don’t expect a real estate recovery to save the economy though, foreclosures are up 8% for the month, and 55% year over year, and home prices have fallen 7.6% year over year.