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Tuesday, April 29, 2008
Recessions Are Local
The BEA will release 1st quarter GDP figures tomorrow, and the BLS will release employment data on Friday. To be sure, these will be carefully-watched figures as the nation holds its breath waiting to see if we're moving closer to the R-word.
But these are national data, and it becomes easy to overlook the fact that some areas within the nation are currently in throes of economic turmoil. This morning's release of metropolitan employment data reminds us that, regardless of what happens in aggregate, many Americans are already living a recession.
Unemployment rates were higher in March than a year earlier in 309 of the 369 metropolitan areas, lower in 40 areas, and unchanged in 20 areas, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Fourteen areas, 12 of which are located in California, recorded jobless rates of at least 10.0 percent, while 9 areas registered rates below 3.0 percent. The national unemployment rate in March was 5.2 percent, not seasonally adjusted, up from 4.5 percent a year earlier.
In March, 45 metropolitan areas reported unemployment rates of at least 7.0 percent, up from 26 areas a year earlier, while 69 areas recorded rates below 4.0 percent, down from 128 areas in March 2007....Overall, 193 areas recorded unemployment rates below the U.S. figure of 5.2 percent, 163 areas had higher rates, and 13 areas had the same rate.
Posted by Craig Jennings
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