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How strong is the US economy?

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    Because You Asked: Gerri Willis goes behind the numbers

  • Duration 4:11
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Numbers right -- is also brand new numbers to understand the housing market home prices falling in November.

And the majority of American cities -- three months in a row that prices have dropped prices now down 33%.

Since 2003.

Wall.

Phoenix was the only major city it's all price increase there had been some more positive economic signs leading up to today we're -- -- this.

Bit of -- -- that brings us to be YA because you asked by way of Twitter.

The economy is showing some signs albeit -- of recovery how confident are economists have such a trend to continue.

We put Gerri Willis on the case anchor of what was your board of Fox Business Network and good morning good morning is huge here we're gonna go through a lot of data here's a -- in -- Art first -- on the GDP gross domestic product.

In the last quarter of 2011 the US economy have the largest quarterly increase almost 3%.

But then there's like -- but every one of these are butter however however the US economy is not had a quarterly increase of more than 3%.

Since the second quarter at 4010.

The economy is not growing like we expected to grow after recovery.

Right now the folks that call recessions the national association of business economics they say the group this year will be 2.5 percent that is -- that is below -- after recession incidents you say punk.

For presents a higher percent 6% idea how windows.

And an economic term but I like it.

Technical listen some people are miss in this story gas prices are down right -- down at 399.

Since the peak in May have won eleven.

But they're still higher than a year ago with 310.

And we've seen this huge increase at the beginning of the year here in January that it really got consumers paying attention.

Gas prices are high for consumers right now even the other down from last year's at previous high all right an existing home sales -- just mentioned -- -- up one point 7%.

Yeah I'm of that episode measly and that's compared to what 2005 at the peak when everybody was going hog -- of seven million.

Seven million there were four million.

Last year that doesn't even compare that's practically just half the market at the peak.

So you can see we're still really slow on home sales there's lots of recovery -- to -- there and as you said Kay -- this morning saying that home prices.

Are down and down from it.

Let me barrel through this Martha just mentioned unemployment rate we're down for nine point one to eight point five now.

But we've been above 8% for 35.

Months look how much longer.

We've been down so long this looks like up to us to you know what I mean it's we just our numbers have been so slow so negative.

The jobs numbers in particular this -- really meaningful to Americans when you have unemployment.

Over 7% over 6% this is disastrous for the American economy and family.

It's to your point I had about a a guy in the elevator tell me.

Assess how you doing he says and doing are right he said but I think we're going from terrible -- awful and it feels great.

-- -- -- Our feel that a little bit.

Here's another thing and you believe this is really the true barometer of how Americans are feeling median earnings over the past eleven years now screen left put all three of them up guys just from 2000 and -- -- 2008 and 2011.

Strained left is the dollar amount -- -- went from 299.

Up to 393.

Screen right is when you adjusted for inflation.

And those numbers Jerry.

Are on a flat line.

It's a flat line there is no growth here.

At median income in this is an -- wanna look at not average that median 39000.

For eleven years it's a loss -- decade for American families there is no growth here this is why it feels so bad to a -- we don't have any increased earnings -- What do you think we're bump -- along bumping along in the right.

Direction or I think we're going to be bumping along all year because this president's presidential election is gonna put everything on hold people don't make big business decisions securing an election year they want to see what's gonna happen they want to wait and find out.

And for American families for some of them it'll be just tooling around your real check yet at 5 o'clock today and -- -- reported Fox Business Network thank you every day can -- around right there.

Policy got a question you unanswered hammered foxnews.com.

Is the email also on Twitter send -- tweets.

That had Bill Hemmer thank -- Jerry.

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