‘Foong on Finance’ with Keat Foong: What will be the Unemployment Rate in 2013?
- Jul 08, 2010
Like many industries, the apartment sector relies ultimately on job growth to drive demand for its products.
In its recent white paper, NAI Global points to a projection that by mid-2013, the U.S. will see the same number of jobs as at the beginning of September 2008.
That does not appear exactly to be good news, when you think that every year new people also enter the labor force. (The U.S. population continues to grow every year and is projected to reach almost half a billion in 30 years’ time.)
Can the trend of weak job creation be sufficiently reversed given the continued loss of jobs due to outsourcing and factory relocations overseas?
The unemployment rate would still be an “anemic” 7 percent by mid-2013, says NAI Chief Economist Peter Linneman. Hence the title of NAI’s white paper, “A Robust Rebound to Mediocrity?”