In The News...

The Institute for Supply Management released its manufacturing gauge this morning as it contracted in November to the lowest level in 26 years. Global manufacturing also slumped as the worldwide recession deepens. The ISM Index fell to 36.2 - a reading of 50 is the dividing line between expansion and contraction.

A Wal-Mart store in Long Island, New York was the scene of a tragic death of one of its employees. On Friday, the day after Thanksgiving otherwise known as Black Friday when the holiday shopping season kicks off, the doors to the store opened at 5:00am and a worker was trampled to death by frenzied holiday shoppers. Police are reviewing the tapes in an attempt to identify the person or persons who may have been involved.

Black Friday and the weekend turned out to be slightly better than expected as shoppers spent 7.2% more than last year. But the numbers could prove to inadequate as retailers deeply-discounted most items, which would probably curtail profits.

Brought to you, courtesy of The Mortgage Market Guide