Professors from the University of Chicago Booth School of Business revealed last week their economic predictions for the coming year as the nation climbs out of recession.
“The forecast … is partly cloudy with a chance of intense storms coming down the line,” said Randall Kroszner, University of Chicago Booth School of Business.
“If we’re going to look forward and expect a housing price recovery, it’s not going to come,” said Erik Hurst, University of Chicago Booth School of Business.
The professors explained that America’s workforce shifted to more construction and housing jobs prior to the recession. When construction slowed, more of the unemployed were from the housing industry. They expect fewer new jobs to be in the housing sector as the economy evens out, leaving unemployment high. More.