By: Mike Campbell
Just yesterday, we were reporting that November housing data were the best figures for two years and that members of the US National Association of Realtors were feeling quietly confident. Well, as they say, that was yesterday. Data just released by the US Commerce Department has suggested a seasonally adjusted figure of 355 000 new homes were sold in November, down from 400 000 in October – a slump of 11.3%. The figures cast further doubt on the recovery in the US housing sector. Analysts within the housing sector were surprised by the figures which were much worse than anticipated. The data was blamed for wiping out recent gains on the stock market which ended the session flat. The US government incentive scheme aimed at supporting housing sales had been due to be withdrawn in November, but will now run until April 2010. It could be that the extension of the tax credit has taken the urgency out of the market and that purchases have been deferred. On the other hand, US jobless figures are hovering around the 10% mark and there is widespread concern about job security. It requires a degree of confidence to take on a major new debt, such as a house purchase, in times of economic uncertainty. When the sector finally makes a sustained up-turn, it will be strong evidence that public confidence has returned and that the US economy is in a sustainable recovery.
Long Term Unemployed Rate Doubles in UK
In December 2008, 103 930 people had been out of work for twelve months or more in the UK. According to the Trades Union Congress, the figure for November 2009 had risen to 201 015. The “job seekers allowance”, the politically correct name for unemployment benefit, currently stands at £50.95 a week for 16-24 year olds, and £64.30 a week for those aged 25 and over.
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