President Bush's chief economic advisor said the housing market has been "hit harder" than expected and he isn't sure when it will bottom out."Obviously, we don't like to see any one industry get hit and hit hard. That affects people's jobs," said Ed Lazear, chairman of the President Council of Economic Advisers. But so far the downturn in the housing section has not really impacted construction jobs because commercial construction has "taken up much of the slack," the CEA chairman told reporters. Nevertheless, the President's chief economist has lowered his estimates of real gross domestic product from 3.6% in 2006 to 3.1% because of the housing sector. But he believes the most the decline in housing activity has already occurred. "Whether it's bottomed out now or whether it will take another quarter or so I think is still up for grabs," Mr. Lazear said.
