Are We There Yet?

Are we there yet? Children ask that question endlessly on a long car trip. Federal Reserve officials are asking it about their drive to curb inflation.

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What’s up with the home ownership rate?  More precisely, why isn’t it up?  After sinking in the aftermath of the “Great Recession,” the rate has  rebounded from the  low point of  62.9 percent four years ago, to 65.1 percent in the fourth quarter of last year, according to a Census Department report. 

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Analysts reached for superlatives – “blowout” and “blockbuster” among them ─ to describe November’s surprisingly strong employment report.  Employers added 266,000 workers to their payrolls, blowing well past the 187,000 economists had predicted.  October’s anemic 128,000 gain was revised upward slightly, to 156,000, and the unemployment rate remained unchanged at 3.5 percent.  Average hourly earnings increased by 7 cents – a 3.1 percent year-over-year gain.

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Consumers are feeling better about the housing market, and the housing market appears to be feeling better about itself.

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Recession fears, which had been inching higher, receded somewhat in October, as employment growth, low interest rates, and signs of life in the housing market offset concerns about a decline in manufacturing activity, anemic business activity, and slower worldwide economic growth.