The economic numbers roll in ceaselessly and some are good. As with last week’s initial unemployment claims. But then there comes a number that makes it plain that it would be premature to break out the champagne and sing “Happy Days Are Here Again.”
As Anna Bernasek of the New York Times reports:
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline,
And there is short term news that is also sobering. As Fox Business reports:
Contracts to buy previously-owned U.S. homes unexpectedly fell in June, casting a cloud over the housing market recovery.
A recovery, it should be said, that continues to take its sweet time.