Charlottesville, VA (CVILLE RIGHT NOW) –Dr. Edwin T. Burton, Professor of Economics at the University of Virginia, discussed economic trends during an interview with WINA Morning News. He addressed concerns regarding the recent jobs report, noting that despite over 100,000 new jobs reported, “there were something like 90,000 revisions downward… there were almost no new jobs created in August.” Dr. Burton suggested that the lack of job growth could signal the beginning of a recession, though he acknowledged that it’s too early to confirm: “We may be sliding into recession, but we don’t know that for sure.”   

Dr. Burton also touched on the real estate market, where demand for housing remains strong despite rising interest rates. He stated, “Mortgage rates have not gotten as favorable as we would like…they’re still in the 6.25 or 6.5 area.” Despite this, he advised that buying a home remains a good long-term investment due to the persistent demand for housing. “There’s plenty of buyers, not a lot of sellers… think the long run and I mean by that, the next six or eight years, owning a home will be a good investment,” he explained. 

Listen to the full conversation here: