A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Is part time Job Growth damaging the Real Estate Market
Everyone keeps waiting for the Real Estate market
to expand to the point that it carries the rest of the economy, but even though
housing has had growth, much of it due to investor influence, many people just
can’t buy a home.
We look at the job market and it is filled with
part time and low wage jobs. Even though the unemployment rate goes down, so
many people have dropped out of the job market or have had to take part time or
low wage jobs.
There is a very interesting article that Jim
Clifton of Gallop wrote http://www.gallup.com.
It is called “The Big Lie” and talks about the real
unemployment rate is over 11% due to the factors that I mentioned
Here is an excerpt of the article:
If you are
so hopelessly out of work that you've stopped looking over the past four weeks
-- the Department of Labor doesn't count you as unemployed. That's right. While
you are as unemployed as one can possibly be, and tragically may never find
work again, you are not counted in the figure we see relentlessly in
the news -- currently 5.6%. Right now, as many as 30 million Americans are either
out of work or severely underemployed. Trust me; the vast majority of them
aren't throwing parties to toast "falling" unemployment.
There's
another reason why the official rate is misleading. Say you're an out-of-work
engineer or healthcare worker or construction worker or retail manager: If you
perform a minimum of one hour of work in a week and are paid at least $20 --
maybe someone pays you to mow their lawn -- you're not officially counted as unemployed
in the much-reported 5.6%. Few Americans know this.
Yet another
figure of importance that doesn't get much press: those working part time but
wanting full-time work. If you have a degree in chemistry or math and are
working 10 hours part time because it is all you can find -- in other words,
you are severely underemployed -- the government doesn't count you in the 5.6%.
Few Americans know this.
There's no
other way to say this. The official unemployment rate, which cruelly overlooks
the suffering of the long-term and often permanently unemployed as well as the
depressingly underemployed, amounts to a Big Lie
These numbers are troubling and in my
business of Property Management in Orange County Ca. I talk to my Tenants all
the time and many of them struggle each month to pay the bills. I find that
many of them need to work multiple jobs to keep the money flowing and they are
frustrated when they hear people say that the economy is doing so great. They
wonder why they have been left behind.
Why are the real numbers being hidden
from so many people and why has it taken Gallup to bring this to the attention
to the American people. When you see Wall Street continuing to grow due to very
low interest rates at the expense of others especially people who have money in
their savings, it is no wonder that in my business of property management in
Anaheim Ca. I see so much frustration.
Unless this changes, it seems very unlikely
that the Real Estate Market will be able to pull the economy out of this very
slow recovery.
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.