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Commentaries
 | Howard Voyles - President & CEO | HousingMatrix, Inc. |
| What's In A Recovery? |
| Written by Howard Voyles |
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During a recent interview economist John Tuccillo, was asked what the most important element to a recovery is. Without hesitation he answered jobs, jobs, jobs. To stay on top jobs sector, Economic observers track the monthly Employment Situation report compiled and released by the Bureau of Labor Statistics at the Department of Labor. Due to a 60-day delay the report covering July will be issued on Thursday, 09/01/10.The consensus we track is conducted by Dr Steven A Wood of Insight Economics who survey 50 economists each Friday. The survey estimates the index will come in at a weak 76.1 (100 being the benchmark). That represents a decline of -1.5% from the previous month, and a projected unemployment rate of 9.6%. A layman can see that this trend does not speak of an imminent recovery. Dr Tuccillo suggested that while national figures a very important in tracking the national state of the economy each of us is more directly impacted by local job conditions. For those of you who are serious about following the Employment Situation in your state or metropolitan area can find the numbers on the following website: http://www.data.bls.gov:8080/PDQ/outside.jsp?survey=la According to Dr. Tuccillo other factors that need to be present to determine the economic health and speed of recovery include: 1) A solid Government connection; 2) Education; 3) Health Care, and; 4) Distribution of products. But even here recovery of the economy and housing market depends on jobs, jobs, jobs. You can hear the full interview with Dr Tuccillo at HousingMatrix.com/American Housing Media. Select the 08/30/10 broadcast. The program Lykken on Lending and Housing is broadcasted each Monday and is hosted by David Lykken and features important news, legislative and financing issues, plus conversations with important voices in the housing industry.
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