Those who are betting on an economic recovery -- V-shaped or otherwise -- seem to be counting on two things: the housing market is (or will soon be) on the mend and a growing number of employers are poised to take on more staff. If the following reports are anything to go by, the optimists might want to have a rethink.
First up is a post from the Paper Economy blog, "Bounce, Crackle and Pop!: 9 Down... And Counting," which reveals that even the dead cats aren't bouncing in the residential real estate market:
The extra-seasonal, government sponsored housing price bounce having reached its peak, in terms of pricing, in most markets in mid-summer of 2009 now appears to have nearly reverted for some.
The Radar Logic home price data now indicates that nine of the most corrected of markets are continuing to correct even after all the government propping.
This presents an unequivocal bump in the road of the supposed “V” shaped economic recovery as a significant “housing recovery” disappointment shapes up over the next few months.
The following are Blytic charts for each of the nine popped markets.
Another report, "Job Fair Cut in Myrtle Beach for Lack of Jobs," from The Sun News, a newspaper based in a part of the country that has traditionally been a major economic hotspot, provides a stark example of just how bad things still are in the labor market:
The thousands in Horry County facing record unemployment will have one less opportunity to meet potential employers this year.
The Myrtle Beach Area Hospitality Association canceled its annual job expo, usually scheduled for this month, which normally attracts more than 2,500 job seekers and dozens of area employers offering work in a variety of fields, said Stephen Greene, president and CEO of the association.
The association decided in January not to have the expo after a survey of its members found that less than 30 percent planned to attend.
"What we didn't want to do is host a job expo and get the hopes up of thousands of job seekers and then not have jobs for them," Greene said.