New economic reports loom on Wall Street

Today in Washington, we get a fresh batch of economic reports, a day after another big sell-off on Wall Street.  The Dow fell another 733 points. 

Overseas markets are following suit this morning.  Japan’s Nikkei plunged 11%.  Its prime minister blamed the drop on an “insufficient U.S. bailout plan.“

Those economic reports are expected to point to trouble on jobs, on inflation, on businesses.  And investors are showing they fear wall street’s problems have yet to fully take their toll.

On Wall Street, what had been worries about banks spread to fears of a broader economic collapse.

Fed Chairman Ben Bernanke warned of no quick rebound.

Ben Bernanke said “the turmoil in the financial markets and the funding pressures on financial firms pose a significant threat to economic growth.“

President Bush met with business leaders in Michigan for the second time in the day he called it a crisis.

President Bush said “get this crisis over with so we can get back to the business of getting this economy back on its feet again.“

This morning brings snapshots on jobs, on inflation, and on industrial production, underscoring the plight of carmakers.

Sales plunged 3.8% in September. 

Retailers overall reported the biggest sales drop in three years.

Analysts say more to come.

Retail analyst Tom Chin said “people will continue not to shop whether its because they’re worried about losing their job, their house prices continues to declined or that they’re seeing their 401K disappear.“

Slow business has owners of a family grocery store in Walkerton, Indiana, closing shop after 65 years.

Grocery store owner Carl Vermilyer said “it’s the hardest decision I’ve ever made.“

Eating out is taking a hit, at this restaurant in Miami.

Restaurant owner Jonathan Eismann said “I would say in the last 2-3 weeks we have seen a decrease I would say of about 1/3 of our volume.“

It’s affecting holiday forecasts.

A survey of retail managers shows they will hire 33% fewer temporary workers than last year.

The downturn has some lawmakers angry, and arguing the credit mess was avoidable.  This morning, members of the Senate Banking Committee will look at what led to the meltdown and remedies beyond the bailout.