Despite efforts by the mainstream media to convince Americans that the U.S. economy is in recovery, let’s just tick down a few recent facts about this so-called recovery:
National Unemployment: 8.9 percent. According to Bloomberg, employment increased only by 38,000 last month, the smallest increase since September.
Housing: According to the Case-Shiller monthly housing priceindex (released yesterday), house prices fell by 4.2% in the first quarter of 2011 (see CATO’s new report here).
Gas Prices: average for a gallon of unleaded is $3.81.
Food Prices: Up, up up! Food prices soared 3.9 percent earlier this year. That’s the biggest gain since November 1974.
Consumer confidence: The Consumer Confidence Index fell to 60.8 from a revised 66 in April on worries about jobs and inflation for groceries and gasoline. Economists had expected an increase to 67. A rating of 90 indicates a healthy economy.
There is a sliver of good news though. Apparently wine prices are down.
Drink up!