Job Growth Erodes as Housing Bust Pushes Mobility to Record Low

Tomorrow’s BLS report might have some encouraging numbers, but this might be a just a short term uptick:

Job Growth Erodes as Housing Bust Pushes Mobility to Record Low (Bloomberg)

The ability to relocate for employment, which helped the U.S. recover quickly after previous deep recessions, is the latest victim of the housing bust. About 12.5 percent of Americans moved in the year ended March 2009, the second-lowest ever, estimates Brookings Institution demographer William Frey, after a 60-year record low of 11.9 percent the previous year.

The stagnant workforce may raise the long-term trend rate for unemploymentby 1 percentage point and lower economic growth 0.3 percent a year through 2012, said Michael Feroli, an economist in New York for JPMorgan Chase & Co. It has already contributed to keeping the jobless rate as much as 1.5 percentage points higher than would have been suggested by the depth of the recession, Peter Orszag, director of the U.S. Office of Management and Budget, estimated in July.



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