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(Best Syndication News) Real Earnings have been flat as unemployment rises over the past few months along with stocks. The U.S. Department of Labor announced on Wednesday that there was a 0.3 percent decrease in average weekly hours was offset by a 0.2 percent increase in average hourly earnings.
From March 2008 to March 2009 the average seasonally adjusted weekly earnings rose by 1.5 percent. On Wednesday the government released data indicating that prices were actually going down. After adjusting for deflation (CPI-W) the average weekly earnings increased by 2.6 percent.
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The Labor Department reported Wednesday that jobless claims decreased for the for the week ending April 4. There was a decrease of 20,000 from the previous week's revised figure of 674,000.
The seasonally adjusted “insured” unemployment rate was 4.4 percent for the week ending March 28, an increase of 0.1 percentage point from the prior week's revised rate of 4.3 percent.
Back on April 3rd the unemployment rate was calculated to be 8.5 percent. The economy lost another 663,000 jobs in March. It is expected to get worse as the U.S. sees double digit unemployment.
According to Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley, the economy will continue to suffer as the gross domestic product decreases by 4 percent in 2009. Unemployment will will climb from 8.5 percent to 10.1 percent by the end of the year.
At the organization’s 14th annual conference, Mr. Rosen predicted home ownership will fall from a peak of 69.2 percent to 66.5 percent at the end of 2010. Things wont begin to turn around until mid 2010.
Unlike some of his liberal colleagues who believe forced public service will get us out of the recession, Mr. Rosen says that we need to fix the housing crisis. He is calling for a moratorium on foreclosures, an increase in the availability of low down-payment mortgages, and a home purchase tax credit.
Let’s hope the economy turns around quicker than Mr. Rosen predicts.
By Dan Wilson
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