Atlas Has Shrugged

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Atlas HasShrugged

• Sara J. Walker, CFA
• February 2009

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Worst GDP Outcome Since 1982 Real GDP
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Labor Market Follows the Severe Recession Script
Nonfarm Payoffs, Change, Ths
Claims Are Now the Highest Since 1982 Initial
Jobless Claims, Ths, SA
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New Orders Plunge as Businesses Retrench ISM New
Orders Index
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The Stage is Set for an Inventory Blowout
Change Annualized
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Teflon Coating Not Limited to Pots Pans
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Investment-Grade Trends Lower Option-Adjusted
Bond Spreads, bps
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Lower Mortgage Rates Provide Hope for Housing
Mortgage Applications, Index, SA
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Housing Affordability Surges to a 35-year
HighNational Assn of Realtors Housing
Affordability Index
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Equity Valuations Near Historic Market Bottoms
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Questions?
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