Ooops – Got it Wrong About Jobs
Scary news reported today on CNN Money that job loses in the US may have been 800,000 higher than previously estimated.
So, instead of 7.2m jobs lost, the figure is now 8m.
It is called a revision and suggests that the figures we read about in the news are not only out of date by the time we read them, but that what we experience ourselves is a more accurate indicator much of the time.
For most of 2009, on the street, US and UK people keenly felt the loss or risk of loss of jobs. The figures in both countries, but especially in the UK, much lower than expected.
Nevertheless, we are beginning to get explanations for this starting with the revised calculations in the US and predictions that the UK’s unemployment rate will rise from 7.9% to 9%, despite the country narrowly escaping recession.
Either way, the higher ‘actual’ or delayed job figures is a clear downward indicator for property prices in the US and UK.