The "Solid" Housing Report (Musical Tribute)

The following chart shows the new privately owned housing units started plus new private housing units authorized by building permits (seasonally adjusted annual rates) all divided by nonfarm payrolls.


Click to enlarge.

The long-term trend is clearly down. Also note that we are hovering at the depths of the early 1990s recession.

Let's zoom in for a closer look.


Click to enlarge.

Oh, look. There's been an exponential trend failure. The ghost of the early 1990s recession is offering serious resistance. Isn't that fantastic? Who doesn't love a good scare?

Solid report! Fills me with optimism!

Never give him an even break
Gettin' caught is the chance you take
It could be your last mistake

(You could be so helpless)

As a bird with a broken wing
Like a sheep in a lion's den
Gonna fall but you won't know when

Source Data:
St. Louis Fed: Custom Chart