Magazine article Mortgage Banking

The Unemployment Blues

Magazine article Mortgage Banking

The Unemployment Blues

Article excerpt

It's hard to be optimistic at the start of 2010. Even with all that the federal government and the Federal Reserve have done to kickstart the economy--jobs are still the missing link in the outlook for recovery. Jobs are absolutely critical to a housing and commercial real estate rebound this year--and they are pretty much missing in action.

Because jobs are priority No. 1, our cover article called "The Jobs Picture" by Mike Fratantoni offers an in-depth look at what's ailing the U.S. job market. Fratantoni, vice president, research and economics, with the Mortgage Bankers Association (MBA), writes convincingly that the odds of a quick cure are remote, if not impossible.

A few quotes from the article will convey the depth of the problem. "As of November 2009, there were 5.9 million people who had been unemployed 27 weeks or longer, representing 38.3 percent of all unemployed individuals." In case you're still not convinced that this is a recession of historic proportions with no neat exit strategy, here's one more quote: "As of November 2009, nonfarm payroll employment had declined for 23 consecutive months--from a peak of 138 million jobs to the current level of about 131 million. From December 2007 to November 2009, there has been a decline of about 4 million service sector jobs and more than 3 million jobs in the goods-producing sector. …

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