Unfortunately, the US economy continues to look like it is on the verge of a recession. The US Commerce Department announced today that new home construction fell a staggering 25% in 2007 vs. the prior year. Unfortunately, we haven’t seen a dip that severe since the dark days of 1980 (when new construction fell 26%). With unemployment at around 5% in December and continued problems with credit liquidity, the stock market could be in for some serious pain moving forward.
Related Links:
New Residential Construction - Jan. 17th, 2008 Press Release
Tags: Economic Indicators, stock market