Survey: Economics Bloggers Pessimistic About Economy
Economics bloggers are striking a sour note on the U.S. economy.
Ninety-six percent of the more than 200 top economics bloggers surveyed by the Ewing Marion Kauffman Foundation used words like “uncertain,” “fragile” and “weak” to describe their outlook on the U.S. economy.
Only half of the bloggers surveyed expect employment growth in the next three years, and nearly all of the bloggers said their view of the economy is “mixed,” “facing recession” or “in recession.”
Despite the bloggers’ pessimism, there are signs of optimism in the economy:
• In September, the U.S. unemployment rate was 9.1 percent; the jobless rate has remained around the same level since April.
• Retail sales – a key indicator of economic health – rose 1.1 percent in September. The U.S. Commerce Department said the September figure “reflects improving consumer confidence.”
• The Dow Jones Industrial Average, a significant economic barometer, posted an increase of nearly 1,042 points in October, its biggest monthly point gain in its history.
Among the bloggers who were surveyed by the Kauffman Foundation are Jim Hamilton at the University of California, San Diego, and Brad DeLong at the University of California, Berkeley.
Other findings of the survey include:
• Two-thirds of the economics bloggers think the government is too involved in the economy.
• Only 2 percent assess the U.S. economy’s overall condition as "strong and growing.”
• Just 4 percent think the U.S. real estate market will stabilize within 12 months, while the vast majority envisions that happening in four or more years.
The Kansas City, Mo.-based Ewing Marion Kauffman Foundation is a private nonpartisan foundation that works to harness the power of entrepreneurship and innovation to grow economies and improve human welfare.
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