WASHINGTON, DC — The economy started slowing last fall, with the Midwest and Southeast hitting the brakes the hardest due to the slowdown in the production of automobiles and durable goods, said Steven G. Cochrane, senior economist and director of regional forecasting services, Economy.com.
Speaking at the recent National Association of Home Builder’s (NAHB’s) 62nd Semiannual Con-struction Forecast Conference at the Georgetown University Con-ference Center here, Cochrane stated that jobless claims are still focused in the Great Lakes and Southeast, but hours worked suggest an improvement in these regions. Weakness is now beginning to shift to the West, since the high-tech sector’s layoff announcements “have shown a huge surge in the West.”