Unemployment Report, Egg Prices Drop

In news making financial headlines Thursday morning: A big unemployment report is due and it's expected to show unemployment reaching 9.6%.

Text of Lisa's report:

UNEMPLOYMENT REPORT: If the unemployment report reaches the predicted 9.6 percent, it will be the highest percentage in 26 years. Economists are expecting to see another 36,000 jobs cut. Most of those will be tied to General Motors and other auto industry layoffs.  Economists say the worst of the job-cutting by companies is now over. They say jobs will continue to be shed but the pace will continue to slow down.

APARTMENT PRICES: The price of an apartment in New York City has fallen the largest amount in decades. Four separate reports show apartments fell 13 percent to 19 percent in the second quarter compared to last year. Sales were down by half. Luxury apartments were the worst hit falling between 17 and 26 percent. Experts say it's due to a lack of jumbo loans. New condo sales were also hampered by rules that said 75 percent of a building had to be sold before mortgages could be approved.

EGG, MILK PRICES DROPPING: The government says egg and mild prices have dropped more than any other food.  Eggs are down 18 percent from 2008 with milk costs down 22 percent.