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Here are the unemployment numbers for the major metros. It's interesting to see many rust belt/great lakes cities weathering the storm, where it seems much the sun belt and California are getting hit the hardest. What the the reasons for this??
The national unemployment rate is currently at 8.6%.
IMO the media often portrays sun belt cities as causing the recovery, yet look as their unemployment numbers paint a different picture:
October 2011 -- Sunbelt unemployment:
Atlanta(9.9%), Memphis (10.0 %), Charlotte(10.2%), and Las Vegas(13.3%)
The Rust Belt seems to be quietly chugging along (minus poor Detroit):
October 2011 -- Rust Belt/Great Lakes region unemployment numbers:
1) Minneapolis-St. Paul, MN -- 5.4%
5) Pittsburgh, PA -- 6.4%
6) Rochester, NY -- 6.7%
8) Buffalo, NY -- 7.0%
10) Cleveland, OH -- 7.1%
Finally, California has many of the roughest rates in the country:
October 2011 -- California
San Francisco -- 9.1%
San Jose -- 9.5%
San Diego -- 9.7%
Los Angeles -- 11.1%
Sacramento -- 11.4%
San Bernardino - Riverside -- 13.3%
How do we explain these numbers and regional differences?
Here are the unemployment numbers for the major metros. It's interesting to see many rust belt/great lakes cities weathering the storm, where it seems much the sun belt and California are getting hit the hardest. What the the reasons for this??
The national unemployment rate is currently at 8.6%.
IMO the media often portrays sun belt cities as causing the recovery, yet look as their unemployment numbers paint a different picture:
October 2011 -- Sunbelt unemployment:
Atlanta(9.9%), Memphis (10.0 %), Charlotte(10.2%), and Las Vegas(13.3%)
The Rust Belt seems to be quietly chugging along (minus poor Detroit):
October 2011 -- Rust Belt/Great Lakes region unemployment numbers:
1) Minneapolis-St. Paul, MN -- 5.4%
5) Pittsburgh, PA -- 6.4%
6) Rochester, NY -- 6.7%
8) Buffalo, NY -- 7.0%
10) Cleveland, OH -- 7.1%
Finally, California has many of the roughest rates in the country:
October 2011 -- California
San Francisco -- 9.1%
San Jose -- 9.5%
San Diego -- 9.7%
Los Angeles -- 11.1%
Sacramento -- 11.4%
San Bernardino - Riverside -- 13.3%
How do we explain these numbers and regional differences?
The housing sector has yet to recover elsewhere in much of the Sunbelt.
California, Florida, Arizona, and Nevada are all sunbelt cities that are not that great. The good economies in the last 5 years were NC and TX for the most part, though NC I do not consider sunbelt...but I'll give it to it... Otherwise the economies in those states were never that good.
And for the "rust belt" that isn't that good still either, In 2006 or so I believe I think unemployment in Chicago was around 3% !.
Basically there is still an exodus from the rust belt from the sunbelt going on, the problem is, the economy clogged up... and then you are left with all those people that recently bought houses yet didn't have or lost their job in their new location. A quick look at the booming population of CA, TX, FL would show you this.
Location: Cleveland bound with MPLS in the rear-view
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Quote:
Originally Posted by blkgiraffe
Because no one is really moving to the rustbelt.
And that makes so much sense......move, and HOPE the jobs follow you, right? People should move for two or three reasons FIRST: jobs, family, affordability.
North Dakota has the country's lowest unemployment rate. I think it's something like 3% and it has a very low crime rate and cost of living, but I sure as hell wouldn't move there. 6 months of cold weather and -30 degree wind chill greatly outweighs the aforementioned.
Based on these unemployment figures, I guess they should be huh?
Quote:
Originally Posted by west336
And that makes so much sense......move, and HOPE the jobs follow you, right? People should move for two or three reasons FIRST: jobs, family, affordability.
Quote:
Originally Posted by mayorofnyc
Pretty much.
North Dakota has the country's lowest unemployment rate. I think it's something like 3% and it has a very low crime rate and cost of living, but I sure as hell wouldn't move there. 6 months of cold weather and -30 degree wind chill greatly outweighs the aforementioned.
Growth within the rustbelt is stagnant; therefore more stabilized. Many Americans believing jobs and better lives can be found in the sunbelt; have flocked to this region and saturated the job market. Leaving many unemployed and broke.
All I know is that if I was homeless and unemployed, I would relocate to the warmer climes.
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