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July 22, 2007 at 8:11 PM #9567July 22, 2007 at 9:58 PM #67083AnonymousGuest
In my opinion – Yep.
This is the other shoe dropping.
I suspect that Florida & Michigan are experiencing similar unemployment problems. If you’re out of a job you can’t pay for a house and you cut your consumer spending down to survival levels. So, you buy less of everything – like movie tickets, haircuts, clothing, automobiles, appliances, etc. As a result, the people employed in these other industries get laid off also. Perhaps, the Fed was wrong – the housing slowdown is spreading to the rest of the economy.July 22, 2007 at 9:58 PM #67148AnonymousGuestIn my opinion – Yep.
This is the other shoe dropping.
I suspect that Florida & Michigan are experiencing similar unemployment problems. If you’re out of a job you can’t pay for a house and you cut your consumer spending down to survival levels. So, you buy less of everything – like movie tickets, haircuts, clothing, automobiles, appliances, etc. As a result, the people employed in these other industries get laid off also. Perhaps, the Fed was wrong – the housing slowdown is spreading to the rest of the economy.July 22, 2007 at 10:19 PM #67089NotCrankyParticipantDo you all know how these numbers account for Realtor job loses? I doubt they figure in anything except the very few wage earning w-2 office people. Realtors don’t get laid off or anything they just fade away. I don’t know if independent mortage brokers would figure in or not. The same for licensed(and unlicensed) contractors . When there is less work a contractor doesn’t weigh in on these statistics they just work and earn much less and say “adios” to lots of cash paid labor as well . Do these types of things get figured into the weakening of the job market? It certainly affects the economy in a big way, especially after a major housing boom and national fixation with “house beautiful.”
July 22, 2007 at 10:19 PM #67154NotCrankyParticipantDo you all know how these numbers account for Realtor job loses? I doubt they figure in anything except the very few wage earning w-2 office people. Realtors don’t get laid off or anything they just fade away. I don’t know if independent mortage brokers would figure in or not. The same for licensed(and unlicensed) contractors . When there is less work a contractor doesn’t weigh in on these statistics they just work and earn much less and say “adios” to lots of cash paid labor as well . Do these types of things get figured into the weakening of the job market? It certainly affects the economy in a big way, especially after a major housing boom and national fixation with “house beautiful.”
July 22, 2007 at 10:20 PM #67091AnonymousGuestIn reality it is probably much worse than these numbers show. I suspect there hundreds of thousands of construction related jobs lost that were held by illegal immigrants that won’t necessarily show in the numbers.
July 22, 2007 at 10:20 PM #67156AnonymousGuestIn reality it is probably much worse than these numbers show. I suspect there hundreds of thousands of construction related jobs lost that were held by illegal immigrants that won’t necessarily show in the numbers.
July 22, 2007 at 10:21 PM #67094crParticipantI don’t think there is any perhaps about it. The FED can only hope for it to be limited to spillover. I don’t think this is the death of the consumer or middle class, but I truly believe this boom/bust really is different from the last one because this time the layoffs/job losses are a result of the crash, not the cause of it.
July 22, 2007 at 10:21 PM #67158crParticipantI don’t think there is any perhaps about it. The FED can only hope for it to be limited to spillover. I don’t think this is the death of the consumer or middle class, but I truly believe this boom/bust really is different from the last one because this time the layoffs/job losses are a result of the crash, not the cause of it.
July 22, 2007 at 11:11 PM #67107CoronitaParticipantQuite possible.
BUT before each of you go off and celebrate the the economy is going to crash, and that you think you’re going to now be able to buy an affordable house…You might want to double check where you are on the economic/job food chain. Some will get hit first and harder than others, and it really depends on where you are on the food chain.
July 22, 2007 at 11:11 PM #67172CoronitaParticipantQuite possible.
BUT before each of you go off and celebrate the the economy is going to crash, and that you think you’re going to now be able to buy an affordable house…You might want to double check where you are on the economic/job food chain. Some will get hit first and harder than others, and it really depends on where you are on the food chain.
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