I really wonder who dresses these people. We have another unexpected announcement about the economy, this week it’s the housing sector. Again. Last week we had reports of new lows in the price of resale homes and they were shocked. This week it’s a new low in new housing starts. Actually, the news is really about both January and February, from the Wall St. Journal.
WASHINGTON (MarketWatch) — New construction of U.S. housing units plunged in February, erasing a sharp gain in January and coming close to an all-time-low level.
We keep hearing bluster about how the economy is recovering. Bluster. Let’s see, there was that announcement about job creation and the unemployment rate dropping to 8.9%. Of course, in the midst of the trumpets and hallelujah choruses there was the note that the reason for the drop was not the “job creation”, rather it was the number of people who quit looking for work basically cooking the numbers for the Obama Administration.