Bottoming out (or not)

The latest conventional wisdom is that the avalanche of layoffs seems to be tapering off. Job losses are still heavy, nationwide and in Boston, but not as bad as a few months ago.

But the New York Times’ economics writers came across an interesting blog written by Jeffrey Frankel, a Harvard economist, that casts things in a gloomier light.

Frankel says payroll jobs statistics make a nice economic indicator, but the number of hours worked is better. And in that regard, things are still slipping badly. He notes that the total hours worked by Americans in May fell 0.7 percent. What’s more, the average work week fell to its lowest level since 1964.

When demand starts to improve, companies end furloughs, pile on the overtime, etc., long before they get up nerve to re-hire, he says.

Bottom line? We might not be that close to bottoming out, after all, he says.

You can read the blog here.

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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