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Source Data:
BLS: CES Databases
The Normal Seasonal Change for Median House Prices
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Earlier, in the CalculatedRisk Real Estate Newsletter on January existing
home sales, NAR: Existing-Home Sales Decreased to 4.08 million SAAR in
January, I...
50 minutes ago
4 comments:
A fair share of this decline is from reductions in bank operations. Particulary in areas like check processing where the Fed eliminated 30+ processing sites during this period.
Anonymous,
Thanks for sharing that!
March 2, 2010
Federal Reserve Banks Complete Check Processing Infrastructure Changes
"The changes we have implemented to our paper check infrastructure position us well to continue to meet the needs of the nation's payments system. At the same time, they have been difficult for our organization as we have been required to reduce our staff."
In any event, ZIRP and QE did not exactly halt the decline. Technological progress within the Federal Reserve has destroyed Federal Reserve jobs.
Over the long-term, we better hope that more jobs are created elsewhere than are destroyed. Over complete business cycles, I remain very skeptical. Sigh.
As you've pointed out recently, nail salon employment can soak the Central Bank discards right up!
-psychodave
pscychodave,
I'm not sure that's true, at least not without retraining. Perhaps it isn't too late to invest in nail polishing schools!
In all seriousness, I do not expect the nail salon trend to continue forever. Like every other exponential trend I follow, it is a mathematical certainty that it will fail. The timing, on the other hand, is very difficult to determine in advance. Sigh.
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