News Forum

Snapshot of economy about to get a lot bleaker

 
 



Go Back   News Forum > Top Stories > Breaking News
Breaking News Forum Snapshot of economy about to get a lot bleaker at News Forum - AP - The government is about to confirm what many people have felt for some time: The economy barely has ...

Reply
 
LinkBack Thread Tools Display Modes
Old 08-27-2010, 01:50 AM   #1
Senior Member
 
NF Reporter's Avatar
 
Join Date: Nov 2006
Posts: 67,233
Default Snapshot of economy about to get a lot bleaker

AP - The government is about to confirm what many people have felt for some time: The economy barely has a pulse.




Snapshot of economy about to get a lot bleaker
NF Reporter is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 01-01-2011, 09:43 PM   #2
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,078
Red face

Obama startin' to worry `bout his job in 2012?

When will the economy finally make Obama smile?
Saturday, Jan 1, 2011 - For two years, high unemployment has bedeviled the White House. So what does the crystal ball say about 2011?
Quote:
Never mind Tea Party rage at supposed government over-reach or liberal disappointment with Obama's failure to be the second coming of FDR. The quick and dirty explanation for Democratic political travails in 2010 -- including, but not limited to, the thumping delivered by Republicans in the midterm elections -- can be hung on a single economic indicator. In January, the unemployment rate was 9.7 percent. In November: 9.8.

By the close of the year, one could make a fairly persuasive argument that the U.S. economy was actually on the verge of turning the corner. Auto sales rose steadily throughout the second half of the year, exports surged, holiday retail sales numbers solidly beat expectations, and industrial production kept ticking up. U.S. stock market investors appeared confident about the future -- the Dow Jones Industrial Average was 1,000 points higher in December than in January. There were even signs that the labor market had finally started to improve -- new claims for jobless benefits declined consistently throughout November and December. In fact, the very last jobless claims number of the year brought the weekly total down to a level not previously seen since July 2008.

But the unemployment rate refused to budge. And the importance of that single indicator simply can't be overestimated, for the simple reason that it made it impossible for the White House to tell a good story about the economy -- so much so that administration officials in 2010 were terrified to even mention the word "stimulus." Even though most private -- i.e. nonpartisan -- economic forecasters agree that without the American Recovery and Reinvestment Act unemployment would likely be higher today than it currently is, the it-could-have-been-even-worse argument has zero political heft. Obama came in, spent a lot of money, and appeared to get very little for it. Throughout 2010 he suffered the consequences. The slumping economy torpedoed any chances for passing climate legislation, gave Republicans renewed ammunition for opposing tough regulations on Wall Street, and fueled a grass-roots discontent that manifested itself quite pointedly at the ballot box.

MORE
See also:

Economic Predictions for 2011
December 31, 2010 - 2010 didn't quite bring the economic recovery, and attendant jobs, many were hoping for. How about 2011? The Financial Times is only one of the publications publishing predictions like mad. Here's a roundup of some of the bets for the coming year in business and the global economy:
Quote:
* U.S. House Prices Will Continue to Fall Gary Shilling says they'll "drop another 20%." Bill McBride of CalculatedRisk puts it at more like 5-10%, with Jan Hatzius of Goldman Sachs, McBride points out, thinking it will be more like 5%. Reuters's Felix Salmon makes a broader prediction: I wouldn't be at all surprised to see the US homeownership rate fall a lot in coming years, back down below even its long-term mean around 64%. And if that happens, prices—both to rent and to buy--are almost certain to fall from current levels.

* Europe: the Euro Will Survive Both Martin Wolf and Wolfgang Münchau, in separate pieces for the Financial Times, think the euro will outlast the year. Wolf says "the will of members to keep the eurozone functioning has proved strong enough to prevent an outright default, let alone a departure from the currency union." He thinks "the euro will surely survive, even in the long run, if in a diminished form, among the economies that are able to live with Germany." Münchau wonders "in what condition" the currency will survive, predicting "more funding crises," as well as "public backlash against ... austerity programs." Gideon Rachman, in fact, thinks these programs may cause significant "social unrest."

* China Will Remain Strong "There is no China bubble, so it cannot pop," declares James Kynge at the Financial Times.

* WikiLeaks Will Face Competition from 'Copycats' Says James Crabtree: "Just as Napster pioneered music downloading but was soon surpassed, in the next year one of WikiLeaks' imitators will overtake it."

'Seven Bets for a Better Year for Business in 2011'

Last edited by waltky; 01-01-2011 at 09:53 PM.
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 10-07-2011, 09:59 PM   #3
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,078
Angry

Fewer and fewer people owning their own home...

Homeownership Has Biggest Drop in 70 Years
10/07/11 - During the past decade, homeownership experienced the biggest drop since the 1940s, according to Census data.
Quote:
The rate of homeownership in the U.S. decreased by 1.1 percentage points, to 65.1%, between 2000 and last year, according to the latest Census Bureau data. The decrease is the largest posted since the decade between 1930 and 1940. The Census did say the homeownership rate was the second-highest on record since homeownership data collection began in 1890, behind only 2000. This is at least some good news, considering the beleaguered housing market.

The number of housing units in the nation increased by 15.8 million units, or 13.6%, during the past measured decade, but so did the number of vacant units. Of the 131.7 million housing units last year, 116.7 million had people living in them (88.6%) on Census day, while 15 million units (11.4%) were empty. These numbers represent an increase of 43.8% from the 2000 vacant housing unit inventory of 10.4 million.

Vacancy rates increased in every region, but the South led the way with the largest percentage of empty households: 12.7%. Homeownership rates also decreased in every region, with rates highest in the Midwest (69.2%), followed by the South (66.7%), the Northeast (62.2%) and the West (60.5%). West Virginia (73.4%) and Minnesota (73.0%) led state by state in homeownership rates, as they did in 2000. New York continued to post the lowest percentage of homeowners at 53.3%.

Homeowners were outnumbered by renters in many of the country's largest cities. In New York, renters made up 69% of households, followed by Los Angeles (61.8%), Chicago (55. 1%) and Houston (54.6%). Data on vacant units and homeownership rates were collected during several different Census Bureau surveys, including the Housing Vacancy Survey, American Community Survey and the 2010 Census itself.

Source
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 01-01-2014, 02:00 AM   #4
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,078
Red face

Granny says it's gettin' to where only rich folks can afford to buy a house...

US Homeownership Rate Back Down to Pre-Bubble Level
December 27, 2013 – The federal government’s aggressive intervention in the housing market, which eventually included a $188 billion taxpayer bailout of mortgage finance giants Fannie Mae and Freddie Mac, was supposed to increase the percentage of Americans who own their own homes.
Quote:
However, the rate of homeownership at the end of November was down to 65.3 percent, according to data released Dec. 20th by the Federal Reserve Bank of St. Louis. This is the same level of homeownership that Americans enjoyed in 1996, before the federal government stepped in to help. Although negative equity has decreased 21 percent since November 2012, 10.8 million American homeowners – 1 in 5 - owed $805 billion more than their homes were worth at the end of the third quarter, according to Zillow’s Negative Equity Report.

Non-Hispanic whites are still more likely to own their homes (73.3 percent) than members of other races (55.2 percent), the Census Bureau reports. Black households had the lowest rate of homeownership (43.1 percent), down from 44.1 percent in November 2012 and down six percentage points from the peak (49.1 percent) in 2004, the same year Congress passed amendments to the Community Reinvestment Act (CRA) of 1977 designed to help more minority families buy homes.

But the CRA also helped inflate the housing bubble, and black families were hit the hardest by the foreclosure crisis that followed. Not surprisingly, more than three quarters of all households (79.9 percent) with family incomes greater than or equal to the median own their homes, compared to half of households with family incomes below the median. Homeownership rates were also “highest in the Midwest (69.6 percent) and lowest in the West (59.5 percent),” the Census Bureau reported.

Americans over 65 years of age are more than twice as likely to own their homes as those under 35. The rate of homeownership in the 65+ category was 81.2 percent in the third quarter of 2013, compared to just 36.8 percent for those under 35. Younger Americans’ mobility has fallen to a 50-year low as economic pressures force them to defer plans to buy a house and start a family. However, householders aged 55 to 64 also lost some ground this year, with a homeownership rate (76.2 percent) at the end of November slightly lower than it was the same time last year (76.9 percent).

US Homeownership Rate Back Down to Pre-Bubble Level | CNS News
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
When economy bottoms out, how will we know? NF Reporter Breaking News 1 08-23-2010 02:26 AM
When economy bottoms out, how will we know? NF Reporter Breaking News 0 03-07-2009 09:00 PM
A snapshot of Sen. Barack Obama NF Reporter Politics 0 02-12-2007 05:10 PM
Hillary Clinton Snapshot NF Reporter Politics 0 01-21-2007 12:48 PM
Edwards Snapshot NF Reporter Politics 0 12-16-2006 01:16 PM


All times are GMT -5. The time now is 02:34 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

SEO by vBSEO 3.2.0 ©2008, Crawlability, Inc.