3/12/15 Dark Days

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The Great Recession started in December 2007.  And ended in June 2009.  According to the National Bureau of Economic Research.

It appears no one’s told this to the 102 million Americans who are considered to be unemployed.  Or no longer in the labor force.

The labor force participation rate, that is, the percentage of workers who actually have jobs is still at a record low 63%.

The economic outlook for many is grim.  Some indicators suggest there could be even more bad news ahead.

According to the U.S. Census Bureau, home ownership is at a new 20-year low.  Home ownership is often cited as an indicator of financial stability and strong economic growth.  Lower home ownership not so good.

The amount of subprime consumer loans is at the highest level since just before the Great Recession.

A subprime borrower is usually defined as someone with a credit score of 620 or lower.  These are generally higher-risk borrowers.  And often experience the highest default rate.

And more bad news. Personal bankruptcy filings are hovering around one million annually.

Federal spending which impacts the economy and individual pocketbooks is still out-of-control.  And too few in Washington want government to live within its means.

There may be more dark days ahead.

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