by Calculated Risk on 11/24/2022 11:28:00 AM
Here are five economic reasons to be thankful this Thanksgiving. (Hat Tip to Neil Irwin who started doing this years ago)
1) The Unemployment Rate is Near 50 Year Low
The unemployment rate is down from 4.6% a year ago (October 2021).
2) Low unemployment claims.
The dashed line on the graph is the current 4-week average.
3) Mortgage Debt as a Percent of GDP is much lower than during Housing Bubble
Mortgage debt is up $1.46 trillion from the peak during the housing bubble, but, as a percent of GDP is at 48.9%, down from a peak of 73.3% of GDP during the housing bust.
4) Mortgage Delinquency Rate at Lowest Level since at least 1979
The percent of loans in the foreclosure process increased year-over-year in Q3 with the end of the foreclosure moratoriums.
5) Household Debt burdens at Low Levels
This data suggests aggregate household cash flow is in a solid position.