We see the slowdown crystal clear in the MBA purchase index, and it's starting to show up in monthly sales data. The one thing that was supporting the market, low mortgage rates, is being taken away.
These results suggest that the current low energy prices should serve as an important and positive boost to overall economic growth.
Despite the fact that the unemployment rate remains low relative to prior economic downturns, the burden on the unemployed population has been the most severe, by one measure, since at least 1972.
This was low because of lower energy prices. I don't think that's a decline we can expect to continue.