Unemployed in Portland (NPR Marketplace) (Banks: foreclosures, job market, construction)

[TalkingShoes]

Today's Marketplace had a piece on long term unemployment and the town they picked to represent this problem is Portland. I can only imagine how stressful this is for these folks.

The worse part to me is that even if we are in a job market rebound (still very uncertain) it will not get better for many many people. According to the economist interviewed in the story, when people think the market is improving, those that were previously not actively seeking a job will start again. Thus keeping the number of candidates for each open position high.

The effects of long-term unemployment | Marketplace From American Public Media (http://marketplace.publicradio.org/display/web/2010/06/10/pm-long-term-unemployed-face-mid-life-job-crisis/ - broken link)

[Sarcastic_Twit]

The situation is similar to the housing market. Banks right now are holding on to more foreclosures in an effort to hide the true losses and to keep some markets from crashing even further. Too much surplus in both.

One economics professor estimates Oregon is in a 7-10 downward spiral. That actually BEATS some of the estimates for parts of Europe.

We'll see if China manages to cool their overheated economy. A lot of people are betting the magic 8-ball says NO.

[iamcims]

Originally Posted by Sarcastic_Twit

One economics professor estimates Oregon is in a 7-10 downward spiral. That actually BEATS some of the estimates for parts of Europe.

7-10 years?

[Sarcastic_Twit]

Originally Posted by iamcims

7-10 years?

Unfortunately, yes. Portland will probably have to rely on construction jobs to boost the economy and there's no sign of that happening in under 3-4 years. Much of the stimulus money went into road and highway construction. Most private contractors don't have the equipment to compete for those contracts.