Last Time Housing was at this Level Unemployment was 6%
Posted on October 17, 2012 at 16:53 PM EDT
Unemployment was 5.8% in July 2008 and 6.1% in August 2008. Housing starts were 923,000 in July 2008 and 844,000 in August 2008. Housing starts are now at 872,000. And unemployment is 7.8%. If you prefer other numbers like employment to population, or U-6, then things are much worse. It’s not housing! It’s NGDP, and [...]