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CBS4 Your Money: Week Ends With Strong US Dollar

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Aug 15, 2008 4:13 pm US/Eastern

CBS4 Your Money: Week Ends With Strong US Dollar

Gasoline has declined 6 percent since the start of last month, copper is down 14 percent and corn prices have slumped 26 percent

MIAMI (CBS4) ―













On Monday, the federal government announced something that many of us already knew:it's harder now to get a loan with three out of four U.S. banks tightening their credit standards.

On Tuesday, more red ink in Washington as the U.S. deficit hit $102-billion in July.  One of the main reasons was blamed on the economic stimulus package, and the cost it will take to help out giant mortgage companies Fannie Mae and Freddie Mac, and some financial institutions.

On Wednesday, there was bad news at the cash register with July consumer prices rising at the highest rate since 1991.  Total retail sales were down as the last of the stimulus checks people received was spent.

On Thursday, jobless claims dropped by 10,000 last week but unemployment still remains at a six-year high.

By the end of the week, home price figures came out and Florida continued its decline, dropping 19 percent a year with prospective buyers waiting for prices to drop further.   

 

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