How high will the TN unemployment rate rise? (Knoxville, Chattanooga: sales, condo)

[Tony1790]

The US national unemployment rate is now 6.5% but TN overall is 7.2%, but some parts of TN are already over 16%!!!

Why the higher rate of unemployment in TN and how high will the rate go? I was reading online yesterday and TN was voted as having the fastest crashing economy in the nation with unemployment expected to rise to 11% overall by the end of 2009.

I don't know what the rate will go to, but I've talked to quite a few people that are either unemployed or underemployed. Add to that the historically low wages paid on average here in TN compared to other parts of the country, and yes the cost of living is somewhat lower, but unless you are making considerable money, the cost of living for the working poor here is no cheaper than any other part of the country, IMHO.

Tony

p.s. Good luck to all, we are in the 2nd inning of this economic downturn and my advice to anyone, anywhere, IF you have a good job where you are at.....keep it, stay put where you are, even if the job "sucks". I gave up a great paying job to move to the point in life that I'm at now. While perhaps less stressed at work and in a pleasing part of the country, being poor now.....not worth it!

[INTN]

Tony do you have a link to the article stating that TN was the fastest crashing?

[kbg]

Some Tn. counties have always enjoyed a high rate but only now are some of the leading counties in industry slumping to new lows that are being like a ripple affect across the states unemployment rate standings compared to the national average. Like it or not in Tn. you have - depending where you live - very limited jobs or almost none at all and absolutely if you have a stable job in Tn. right now, hang on to it for at least 4 more years provided it lasts that long!

[Tony1790]

Originally Posted by INTN

Tony do you have a link to the article stating that TN was the fastest crashing?

It's analysis of the fastest increase of the unemployment rate bases on Dept of Labor data, the analysis was on another website, we can't post websites on here. But the site does have the words itulip in it

But in a deflation people spend less money and being in a consumer based economy we will be hurting, heck even the state of TN is hurting as most of our income comes from spending (sales tax), no spending, no funding, no funding means less state spending, more budget cut backs, etc, etc. Kind of starts a viscious circle doesn't it.

So I still say, if you have a good job, keep it, even if it means staying at a job you don't care for or staying in FL, NC or wherever else you may be. Don't plan on moving to TN and having a job waiting for you, if you have one lined up great, if not think hard. I do wish the best for all, good luck to all of those with jobs or looking for them, 2009 portends to be a bad one, even worse than 2008 has been.

Take care,

Tony

[hiknapster]

Well, it wasn't like you weren't warned, Tony.

It really depends on where you live. As of August, which is the last time Tennessee released its county figures, Knoxville's rate was 5.4. At the same time, Johnson City was 6.1.

Looking at that website, I can't find anything discussing rates, but to say that Tennessee is about to "crash" or suffering the most I find to be truly bizarre.

Do you know how bad things are in parts of Florida or The Midwest?

We discussed this not too long ago. Many areas of Tennessee have been depressed for years. But if you don't have a job in Knoxville there is something really wrong. It may not be what you want, but you can always temporarily pick up a job.

You might be interested in reading this thread.

http://www.city-data.com/forum/tenne...ent-rates.html

[JMT]

Originally Posted by Tony1790

It's analysis of the fastest increase of the unemployment rate bases on Dept of Labor data, the analysis was on another website, we can't post websites on here. But the site does have the words itulip in it

But in a deflation people spend less money and being in a consumer based economy we will be hurting, heck even the state of TN is hurting as most of our income comes from spending (sales tax), no spending, no funding, no funding means less state spending, more budget cut backs, etc, etc. Kind of starts a viscious circle doesn't it.

So I still say, if you have a good job, keep it, even if it means staying at a job you don't care for or staying in FL, NC or wherever else you may be. Don't plan on moving to TN and having a job waiting for you, if you have one lined up great, if not think hard. I do wish the best for all, good luck to all of those with jobs or looking for them, 2009 portends to be a bad one, even worse than 2008 has been.

Take care,

Tony

Yes, you can post other web sites on here. Don't you read other posts and see web sites listed? They can't be competitors to city-data. Media web sites can be posted. If you had done more than just pop in every now and then to tell everyone how miserable your life is, you might have noticed that.

I went to itulip and did a search for "Tennessee" and NOTHING came up about Tennessee's economy being the fastest-crashing in the country. And if it was "voted" as having the fastest-crashing economy as you claimed, who exactly did the voting? I find it incredibly hard to believe that Tennessee's economy is worse than Florida's, Michigan's, or Ohio's.

You're getting hysterical that some counties in Tennessee have extremely high unemployment rates. Yes, that's the case, and it's very sad for people in those counties who want jobs, but did you see where those counties are located or how small their populations are? If a big county like Knox or Sullivan were to have a 16% unempoyment rate, that would be cause for alarm.

As hik pointed out, Knox County's unemployment rate is pretty low, and by most economists' standards we're at full employment here. Anyone who really wants a job can find one here. It doesn't mean everyone can find their ideal job that pays a fortune to stand around not doing anything, but when is that ever the case?

It's a free country where people are free to move around and go to where the jobs are. Of course, people are also free to go on hysterical rants, too.

[INTN]

Thanks for the clarifications. I have wondered what will happen in the future due to the sales tax revenue system, but then again, if a state relies upon state income tax, and people lose their jobs, then that would suffer, and if the area relies upon high property tax rates, and people end up losing their homes, then they would suffer as well.

Knox County's UE rate might be lower than the larger counties in the area, but it is a fair point for the OP as I know of people who drive very far to Knox County for jobs, so people will be competing with an ever increasing labor pool, and yes I realize that can be said for elsewhere as well.

[welltravelled]

Hello everyone.

I find this post interesting because I took a trip to TN and looked at wages of "normal" jobs compared to cost of living. I was shocked at how MUCH BETTER it was in TN (including where I live) compared to many states so I don't know how this can be.

[kay1965]

If you are 18 and have been working with company for 120 days how is unemploymt calculated

[jabogitlu]

Originally Posted by hiknapster

Well, it wasn't like you weren't warned.

Yep. We all warn everyone. We, the residents/posters, are the first to tell anyone that jobs DON'T pay as much here as in many other parts of the country, and the cost of living MAY not be that much less, or as much less as you might be hoping.

I just can't believe that TN has the fastest crashing economy, either. Knoxville and the TRI have stable economies with lots of construction. Chattanooga is getting a Volkswagen plant. Nashville's condo scene in the Gulch is booming. You might have trouble finding an urban professional job in McMinnville but this ain't no Detroit.