A series of dispiriting data broadening uncertainties about the economic recovery resulted in the worst August since 2001 in the stock market.  The Dow Jones Industrial Average fell by 4.3% after rallying by 7.1% in July. The technology sector was the worst hit with Nasdaq shedding 6.2% for the month; the worst performers being Intel, Cisco Systems and Hewlett-Packard.

This just in: for the month of August, the private sector added 67,000 jobs while many more were lost due to the Census layoffs in the public sector.  

The national gross domestic product (GDP), the broadest measure of economic activity was revised down last week from 2.4% to 1.6% annualized for the second quarter of 2010.

Deflationary risks are ever present with sluggish consumer spending, high unemployment and the gradual ending of stimulus spending. Lakshman Achuthan, managing director of Economic Cycle Research Institute (ECRI) says there is no re-acceleration in growth in the horizon, looking forward a couple of quarters in the U.S. economy. They follow the U.S. Long Leading Index (USLLI) which he says has flattened for the last two months after plunging in May and June, failing to show a persistent decline hence possibly ruling out a double dip recession, although nothing is a certainty.  A slowdown is normal a few months after the end of a recession, however, due to the size of the (great) recession, the slowdown may be relatively long. The decelerating in job growth may continue for the coming months, he says.

Nothing terribly exciting to report, I'm afraid, except that corporate fundamentals are looking better than in the recent past with growing mergers and acquisitions activities, the latest victory being that of HP outbidding Dell to acquire data storage company 3Par. Now if they would just rethink their strategy to outsource jobs to Costa Rica!

Seven Quick Steps to Take When Your Wallet Goes Missing

I saw this article in the AARP Bulletin for September we recently received in the mail.  (I'm not eligible yet but my husband is - I'd like to add) and thought what a great little handy list to have in the unfortunate event that your wallet is stolen or lost.

(The article has been condensed due to space constraints)

A Wallet Gone AWOL

By Sid Kirchheimer

Make photocopies of the front and back of every card you keep in your wallet - your driver's license, credit and insurance cards, even video rental memberships and library cards. Having copies at home or in your hotel room safe while traveling will give you access to all your accounts.

Quick Action Steps

If your wallet goes missing, here's what to do:

1. Immediately call all your credit card companies to request an "account number change." Don't ask to "cancel" your account - that can hurt your credit score, especially if you have an outstanding balance. Explain that you want a new number issued so that nothing shows up on your credit report as "cancelled by consumer," advises Linda Foley of the Identity Theft Resource Center.
2. Change passwords to ensure that your accounts can't be opened by an identity thief.  Don't make passwords of your mother's maiden name, pet's name or other identifies that can be found online. 
3. File a report with the police in your hometown and the place where you and your wallet parted ways.  Get copies.  You'll need them in later dealings.
4. Request a fraud alert be put on the credit accounts that the three major credit bureaus maintain about you.  Contact Experian at 1-888-397-3742 (Experian.com), TransUnion at 1-800-680-7289 (transunion.com), and Equifax at 1-800-525-6285 (equifax.com).  With a fraud alert in place, creditors are supposed to verify your identity, usually by phone, before issuing new credit in your name.
5. Ask the DMV to put a "flag" on your license file.  This will make it harder for a thief to apply for a new copy of your license.  It will help protect you if someone runs up traffic violations in your name. 
6. Notify your bank.  You'll want a new ATM or debit card and a new checking account if your checkbook went missing.
7. Check your credit history about two weeks later.  Visit AnnualCreditReport.com or call 1-877-322-8228 toll free for your free report and then look under "Inquiries" for any new credit applications made in your name.  The two-week wait provides enough time for thieves to apply for credit but generally not enough for cards to be issued, says Foley.  Recheck your credit report two to three months later.