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XC, as we Predicted more Than a year ago. Pretty much all of the reports on the economy this summer Have come in Below Expectations. Leading the way this week, housing sales plunge in July to Their Lowest Level in More Than a Decade , and down 25. Below 5 Percent the July 2009 level. July That Was the first month buyers Could not Qualify for a tax credit of up to $ 8 , 000. But the decline WAS Almost double expectations. The number of homes on the market INCREASED only slightly. But the large sales drop push the national inventory level up to 12.5 months, more Than double the normal level. The housing Weakness is all the more jarring Because Their Lowest mortgage rates are found in many decades , with 30-year loans at less than 4 . 5 percent . And affordability is at its highest in more than 10 years . This is based on incomes , home prices and financing costs.\nFor the week ended August 21 , the number of U . S . workers making new claims for jobless benefits declined by 31 , 000 to a still very high 473 , 000 . The previous week's numbers had hit the loftiest level since last November. Weekly new claims have risen gradually for more than six months now. The official unemployment rate remains at 9.5 percent. And jobs are the most important indicator for the economy.\nThis week's reports also included a sharp 8 percent decline in July for durable-goods orders (excluding defense and aircraft) , the most since January 2009 , when the economy was in free-fall after the financial crisis . \nFederal Reserve chairman Ben Bernanke is likely to make news tomorrow in a major speech that will provide more evidence of how the Fed plans to deal with the deteriorating economic outlook . This will follow the release of the government's revised report on the economy's growth for the second quarter . The first report came in at a sluggish 2 . 4 percent annual rate , and the consensus calls for a downward revision.\nThe Fed chairman will give the keynote address at the annual \onds after fleeing from stocks . As a result , bond yields are at or near their financial-crisis lows in many cases , yields for U . S . Treasury issues maturing in two to 10 years ranging from 05 percent to 2.5 percent.\nMany stocks offer better value for long-term investors: high-quality , financially strong companies paying good dividends . More and more of these stocks now pay higher yields than you can get from government and even some corporate bonds . \nBut there's no denying that stocks in general carry relatively high short-term risk , given the currently challenging economic environment and risk-averse investor mindset . The Standard & Poor's 500 is down 5 percent for August so far after a strong July , and off about 6 percent for the year . The S&P 500 has fallen to the low end of its trading range and looks vulnerable . Still , we think it has held up pretty well so far considering the bad news background.\nOur core investment recommendations for income , growth and asset protection remain the same: (1) high-quality bonds outside of the Treasury market , (2) high-quality dividend stocks , (3) cash and (4) gold . \n\n rss rss rss \n rss