Moneybox: No Worse Than Expected

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moneybox No Worse Than Expected Sure, the economy is bad. But at least it's meeting expectations. By Annie Lowrey Posted Thursday, June 2, 2011, at 6:38 PM ET If you thought the recovery was on track--the economy growing again, unemployment slowly receding, housing prices stabilizing, the stock market rising--you thought wrong. In recent weeks, virtually every indicator has headed south. The only consolation, if you can call it that, is that such setbacks are hardly unexpected. Let's start with housing, which accounts for about 20 percent of the national GDP. This week, the most-watched housing index confirmed that prices have dropped to a new recession-era low, down in 19 of the 20 biggest metro regions from a year ago and confirming a double dip. The National Association of Realtors also reported a sharp 12 percent drop in pending home sales for April--meaning that further price declines are likely. To continue reading, click here. Annie Lowrey reports on economics and business for Slate. Previously, she worked as a staff writer for the Washington Independent and on the editorial staffs of Foreign Policy and The New Yorker. Her e-mail is annie.lowrey@slate.com. Join the Fray: our reader discussion forum What did you think of this article? POST A MESSAGE | READ MESSAGES Also In Slate Saletan: How Dr. Kevorkian's Ideas Helped Me Think About My Father's Death How Would You Have Done in the National Spelling Bee? Take Our Quiz. I'm Rooting for LeBron James, and I'm Not Ashamed To Admit It	Advertisement
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