It takes more than a “Help Wanted” sign to get people back to the labor force
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Half of states have now decided to opt out of the extra $300 a week in federal unemployment benefits. Governors say they're trying to help businesses that don't pay enough to compete with government benefits to fill 9 million openings. But it's not just an open job that people need to get back to work. Also, May saw a record year-over-year price increase for existing homes. But we need to be careful when comparing this year's data to that of 2020. And, frustrated would-be homebuyers look for a light at the end of the tunnel in this hot housing market.
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Be careful when you see headlines about record year-over-year increases in various aspects of the U.S. economy
"Always be cautious right now when you hear that year-over-year comparison," said Susan Schmidt, head of U.S. equities at Aviva Investors. "When you get that comparison, it's not really important this year because it's such an abnormal comparison when you think about where we were last summer." One of the recent records we've seen in the data is the yearly increase in existing home prices. All that said, home prices are, in fact, up and there is an increased demand for housing. That's making it hard and expensive to buy. There are also supply shortages depressing housing stock.
Is there light at the end of the tunnel for folks struggling to buy in a hot housing market?
In Tennessee, the governor says everyone should be able to find a job that's a good fit. Workers say it's not that simple.
David Brancaccio Host
Nicole Childers Executive Producer
Victoria Craig Producer, BBC
Stephen Ryan Producer, BBC
Jonathan Frewin Producer, BBC
Daniel Shin Producer
Jay Siebold Engineer
Brian Allison Engineer
Alex Schroeder Digital producer
Meredith Garretson Producer
Erika Soderstrom Producer/Director