WASHINGTON With a fresh blast of bearish news hitting just before the presidential election Tuesday s victor will be under rising pressure to put his stamp on U S economic policy well before his Jan 20 inauguration Election Guide View Interactive On Monday auto makers reported steep declines in U S car and light truck sales for October with General Motors Corp reporting a 45 drop compared with the number of vehicles sold a year ago Ford Motor Co was down 30 and even onc?e mighty Toyota Motor Corp was off by 23 A senior GM executive said the company s results when adjusted for population changes represented the worst month in the post World War II era The auto industry s woes contributed to another drop in overall factory output with the Institute for Supply Management reporting its manufacturing activity index fell to a 26 year low in October Meanwhile troubled electronics retailer Circuit City Stores Inc said it was closing one? fifth of its stores We re dealing with a situation that could develop into another Great Depression if not handled properly says Daniel DiMicco chief executive of Charlotte N C based steelmaker Nucor Corp who spent an hour in line on Friday waiting to cast an early vote Few economists predict the world is in for a repeat of the 1930s But the deepening problems rising joblessness and home foreclosures falling consumer spending and tight credit are prompting calls from businesses and Congress for quick action by the next president to clarify and begin working on his economic agenda Senate Banking Committee Chairman Christopher Dodd D Conn says the president elect should start by picking his Treasury secretary and economic team within days With Congress planning a session this month to push through a second economic stimulus package and discuss remaking the nation s financial system lawmakers will look for direction from the future president Mr Dodd said he will bring the next White House team into the regulatory talks Associated Pr Tags: Unemployment Extension 2010, Unemployment Extension July 1 2010 View |
