Projection: It'll be years before jobs return to much of U.S.

[Joanne98]

WASHINGTON — Unlike the labor market collapse that killed millions of U.S. jobs in a matter of months, the nation's return to peak employment will not be nearly as uniform nor as swift.

While signs indicate that the worst of the recession may be over, only six metropolitan areas across the country are expected to regain their pre-recession employment levels by the end of 2009, according to projections from IHS Global Insight, a leading economic forecaster.

The areas poised for a jobs rebound later this year are: Anchorage, Alaska; Champaign-Urbana, Ill.; Coeur d'Alene, Idaho; Columbia, Mo.; Laredo, Texas; and the Houma-Bayou Cane-Thibodaux areas of Louisiana.

Only five areas are expected to see a similar jobs recovery in 2010: Las Cruces, N.M. and El Paso, San Antonio and the McAllen-Edinburg-Pharr and Austin-Round Rock areas of Texas.

Most of the country — 286 of 325 metro areas covered in the IHS analysis_ aren't likely to regain their pre-recession employment levels until at least 2012.

Of these areas, 112 probably won't return to their recent peaks until 2014 or later. These include Rust Belt towns such as Cleveland, Dayton and Akron, Ohio; Detroit, Warren and Flint, Mich.; the hurricane-ravaged Gulfport-Biloxi, Miss., area and the greater Los Angeles region, where the housing bubble and high unemployment have strangled the local economy.

The bleak jobs picture underscores the long, tough road ahead in rebuilding the U.S. economy after the worst recession since the Great Depression.

Of the 6 million jobs lost since the recession began 18 months ago, nearly 4 million were eliminated between November and April. The six-month freefall included a record four straight months with more than 600,000 job losses.

"This recession is unique because of the way it leveled the playing field," said James Diffley, IHS managing director of U.S. regional services. "The precipitating factor, after housing, was the finance industry, and that affected everybody. Now everybody's cutting back on debt, and the banks are being more cautious about lending, so there's less spending. All those things mitigate against a quick turnaround."

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http://www.mcclatchydc.com/227/story/69823.html

There's an interactive map, you can click on your area. It's another jobless recovery just like the last one and the one before that. The vampires have been saved. Fuck everybody else!

[BobRossi]

1. Keep shopping at Walmart

Keep sending our jobs to third-world nations. Why don't our big financial brains get it?

[grasswire]

2. finally some projections

It's helpful to have at least some idea of what's going to happen.

[Mari333]

3. wow Im in the worst part of Michigan

sucks .

[OhioChick]

5. Cleveland isn't looking very bright, either. n/t

[prolesunited]

4. Looks like I'm going to have to move

Three people in my immediate family actively seeking work are unemployed right now.

[Tierra_y_Libertad]

6. The "recovery" that isn't. The worst is yet to come.

The government is now printing the money it can't borrow. Which will result in certain devaluation of the dollar because of the inflation it will cause.

People can't spend because they're broke. Banks will only loan to people who don't need loans. Both of which factors means they're will be more, not less, unemployment.

The Wall Street Wizards and their handmaidens, the politicians, are rearranging the deckchairs and telling us that all will be well....if we just be patient and stupid.

[Mari333]

7. yes the latest rounds of ARMS are about to reset

hold on tight.

[Tierra_y_Libertad]

8. And, the lenders that prop up the economy are moving away from the dollar.

Fortunately, the Chinese are very smart capitalists. They will probably continue to lend us the money to keep the economy afloat...as long as it serves their purposes. But, they are spending their dollar reserves on infrastructure in China, buying oil contracts, mineral rights, and property around the world. When it is to their economic benefit to let the dollar drop, they will. They're sending warning signals at almost every opportunity.

http://news.yahoo.com/s/ap/20090614/ap_on_bi_ge/eu_russia_bric

The BRIC summit on Tuesday is almost certain to contain more warnings about the dollar.

[clear eye]

9. One thing understood by economists to help economic recovery is a single-payer health plan.

Jobs lost in health insurance industry will be overshadowed by gains in jobs
throughout the rest of the economy according to economists. (Summary of IHSP study) http://www.calnurses.org/assets/pdf/ads/ihsp_sp_jobs_ad.pdf

Good news.
The best, most comprehensive solution for our healthcare crisis, a single-payer system that expands and upgrades Medicare to cover all Americans, also promotes economic recovery. A new study, the first of its kind to examine the economic ripple effect of guaranteeing healthcare to all through Medicare, finds that single-payer healthcare reform creates:


2.6 million new permanent, good-paying jobs (jobs that cannot be easily sent overseas)

$317 billion in increased business and public revenues

$100 billion in employee compensation

$44 billion in new tax revenues

At less cost than the federal bailouts for Wall Street giants such as AIG, CitiGroup, Fannie Mae and Freddie Mac, and other banks

Findings from “Single-Payer/Medicare for All: An Economic Stimulus Plan for the Nation,”
Institute for Health and Socio-Economic Policy, research arm, National Nurses Organizing Committee/California Nurses Association.

— HR 676 (Conyers)
Only improving and expanding Medicare for all will:

Produce 2.6 million new jobs

Control costs, saving taxpayers billions of dollars

Guarantee healthcare for all

Ensure complete choice of provider

HR 676, Single-Payer, Medicare for All
One nation. One health plan for all Americans.

www.calnurses.org

See full study: http://www.calnurses.org/research/pdfs/ihsp_sp_economic_study_2009.pdf

These decisions are too important to be made on the basis of guesses.

[Greyhound]

10. That could be greatly accelerated with availability of capital to small businesses.

Why are we pouring billions into propping up large companies that are in the declining phase of the business cycle, while small businesses that would fill the voids created are starving for capital that the banks are using to offset their horrid balance sheets trying to look solvent?

Huge companies are net drains that avoid paying taxes and constantly strive to eliminate jobs, while small businesses are trying to grow which create jobs and expand economic activity.

[leftofthedial]

11. great, I'll get a shitty job to replace my old one

just in time for the world to end in 2012