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I think it is interesting with the once in a lifetime equity boom that has taken place since 2009 in New York City that they still have much higher unemployment then places in the midst of a huge agricultural and mining bust.
New York City has an unemployment rate of 5.6% despite being the center of finance and has been the massive beneficiary of the low interest rates of Brooklyn bred Yellen.
North Dakota which has had the massive oil and agricultural bust has an unemployment rate of 2.8%, meanwhile South Dakota has an unemployment rate of 2.5%
I just find it odd that despite the massive decline in Oil and Agricultural prices and huge manufacturing layoffs in the agriculture sector that the Dakotas still have lower unemployment rate then a city which is the epicenter of an area going through a once in a equity bubble.
Unemployment is a trailing indicator. It usually peaks a year after the bottom of the bust and continues to stay high for a while after growth returns. It is likely that unemployment in areas with oil driven economies will be higher a year from now than today.
I think it is interesting with the once in a lifetime equity boom that has taken place since 2009 in New York City that they still have much higher unemployment then places in the midst of a huge agricultural and mining bust.
New York's unemployment is usually US average + 1 - 2%, because of international immigrants coming in.
^ This formula only works when the country is doing well, during recessions it reaches parity. This has been true since unemployment stats have been measured.
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Originally Posted by lovecrowds
I think it is interesting with the once in a lifetime equity boom that has taken place since 2009 in New York City that they still have much higher unemployment then places in the midst of a huge agricultural and mining bust.
New York City has an unemployment rate of 5.6% despite being the center of finance and has been the massive beneficiary of the low interest rates of Brooklyn bred Yellen.
North Dakota which has had the massive oil and agricultural bust has an unemployment rate of 2.8%, meanwhile South Dakota has an unemployment rate of 2.5%
I just find it odd that despite the massive decline in Oil and Agricultural prices and huge manufacturing layoffs in the agriculture sector that the Dakotas still have lower unemployment rate then a city which is the epicenter of an area going through a once in a equity bubble.
As a former NYer, I can tell you that NY state is really two states, Greater NYC and Upstate, which is everything north of I-84/Poughkeepsie. Upstate peaked in the 60's&70's, mainly in Buffalo and Rochester, then ever since the second 70's recession, it's been slowly downhill since. Binghamton got truly ravaged by IBM pulling out and EndicottJohnson folding up shop
Because not many people want to live in the Dakotas. People move there because of jobs, and they leave if they don't have a job.
High-aspiration cities tend to have higher unemployment because lots of people live there even if they struggle.
I agree with that. I was in Denver for a few months, my relatives all live in Colorado so that is why I was there.
It is incredible how many in Denver which is a popular city draws in people who will work several jobs, contend with underemployment just to live here.
I think is the case in many western cities, but there are many people who will move out here because they just a change and the moment is right.
I worked with a guy who moved to Denver from Oklahoma works 3 jobs just to afford an apartment in Denver.
The employer offered the same wage a call-center in Lincoln with rents that are around $600 for a 2 bedroom apartment as opposed to $1500 or so in Denver and yet no transfers.
I also lived in the upper-midwest and people tend to have very large social networks through schools, universities, churches, neighborhoods etc.
I know the Dakotas, Iowa etc. have a large number of employers that are very large and stable that pay between $15-$25 an hour as opposed to a place like New York City where one needs to gross a six-figure income to rent a market-rate apartment.
It seems like when there is a massive labor shortage like a few years ago in Western North Dakota, people will move there if the job is there and the wage is right but the moment there is a downturn it's back home.
It seems as though when there is a layoff in that part of the country, many times people know how to get another position for the short-term even if it pays less.
As a former NYer, I can tell you that NY state is really two states, Greater NYC and Upstate, which is everything north of I-84/Poughkeepsie. Upstate peaked in the 60's&70's, mainly in Buffalo and Rochester, then ever since the second 70's recession, it's been slowly downhill since. Binghamton got truly ravaged by IBM pulling out and EndicottJohnson folding up shop
All of the cities/areas in Upstate NY had big heavy industry companies. General Electric was based in Schenectady, with Utica, Binghamton and Syracuse having big plants. Declining manufacturing isn't a surprise, as it peaked in the US in 1979. With this said, many of the areas had Eds and Meds to fall back on, with start up and tech industries occurring in parts of Upstate NY. Plattsburgh is actually seeing manufacturing growth due to its proximity and connection to industries based in Montreal. Many smaller companies were formed in the Rochester area by former Kodak/Bausch and Lomb/Xerox talent and the state has invested in the local Photonics industry. There are other examples here and there. So, all isn't lost in Upstate NY depending upon skills/education in relation to what is available.
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