June 1 2011

Recovery?

Julie Gunlock

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!

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