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Having trouble finding work? You might want to consider moving.
An analysis of job growth patterns by Capital Economics found that your odds of getting a job could vary widely based on big differences in the pace of job growth from one state to the next. Not surprisingly, many of the states with the toughest job markets are among those hardest hit by the collapse of the housing market.
“Consumers (in those states) aren’t able to spend because they’ve essentially had their wealth eradicated by the housing downturn," said Capital Economics U.S. regional economist Steven Frable, who did the analysis. "And it just seems like the housing market is getting worse."
Frable looked at the past 30 years of state-by-state employment to see how well job state job markets have recovered in past recessions and factored in a varied of current conditions besides housing. The results forecast that employment in the three hardest-hit states – Nevada, Michigan and Rhode Island – won’t regain their pre-recession peak levels until after 2017. In Nevada, for example, where the jobless rate is 13.4 percent, the economy has added only about 11,000 jobs in the past year, leaving total employment some 178,000 jobs short of the 2007 peak, according to data from the Bureau of Labor Statistics.
Nearly four years after the recession began, only two states, North Dakota and Alaska, have seen employment recover to pre-recession levels. Frable figures that some 37 states won’t recover peak levels until at least 2014. That’s a much slower recovery than in past recessions.
“Because the employment drop was so deep, there’s just so much more employment that needs to be made up," Frable said.
Many of the states with the shortest projected recovery times are in the middle of the country, which was largely spared the housing boom and resulting economic bust. Texas, Oklahoma and Louisiana have also benefited from strong energy prices and increased oil exploration and production. That oil wealth has also helped sustain job creation in related industries.
The Northeast is also on track for a relatively quick job market rebound to pre-recession employment levels. That’s been due, in part, to the relative strength of the financial services industries, said Frable.
“It’s also so dense and incomes are already high so it attracts high talent,” he said. “Those are in the most high-growth industries, especially professional and business services.”
Related: Hundreds seek N.D. jobs after 'Rock Center' report
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Timing correlates with the next elected or reelected president creating hype to take personal responsibility for the return of full employment because of him and his programs. Obama can claim working all along toward that goal or a newly elected president can claim he did it all in just a few short months.
The deficit of 1.5 trillion is funding 50 to 60 million jobs in America. We are borrowing to spend on consumer economy. These are all service sector jobs. Google for "DEFLATIONARY CRASH" to understand why these jobs cannot be sustained. We need manufacturing jobs, science, engineering and technology jobs. Service sector jobs are not able to help curb trade deficit. It is a dead end. Keynesians are dead wrong about it. At the end of the day, they won't be able to spend to stimulate the economy. Once their hand is forced, the crash will be unlike anything we have ever witnessed. We need to let the free markets run so that private sector can align itself with what works and what does not. FED is giving the wrong signals to the economy and it is creating wrong kind of jobs. These jobs won't survive the next leg down.
www.kondratieffwavecycle.com/unemployment/
John W. Schoen, have you been down South lately? Are you crazy about moving to the Northeast and the rust belt where everything cost more, higher heating bills, and general cost of living is higher? And, where people are leaving?
Where are all the cars made John? Why don't you suggest they move to Detroit where the "Little Three" are working? How about Cleveland?
ARIFELIFE - I don't know about John W Schoen, but...
I moved to Dallas, Texas after living in the Greater Cincinnati Metro for over 15 years. I can tell you personally, the economic climate is much stronger in Dallas.
Honestly, the cost of living in the Northeast and "RustBelt" is not that much different than living in Texas. Taxes are higher in the Northeast (Texas has no state income tax), but the northeast also has a lot more to pay for as well. The population is 10x that of the South and there is a lot more transportation networks to pay for. Heating costs may be a little higher in the Northeast, but Texas also pays considerable for heating and cooling costs as well.
This article is a mere economic forecast model nothing more. It really isn't worth all that much until we see it actually happen. Except North Dakota, if you need a job, move there, they are hiring like crazy.
The only 'disavantage" of the northeast might be
Mistake. North Dakota didnt see its unemployment rate recover back to pre recession levels. It never suffered. Its even better than what it was before the recession. This is because of the oil of course.
Good idea!
Let’s see, sell your current home in the current market when it’s worth 1/3 of the value you purchased it, and then try to get a loan from the filthy bankers to buy a new home when you arrive.
Take your children out of the schools they are in to bring them to a system you know nothing about.
Say goodbye to the grand parents, the only people left on the planet you would trust to be in the room with your young children for more than 5 minutes.
And then of course you have all the trust in the world that your new employer will not pink slip everyone they just hired as soon as they can ship the jobs overseas to China or Mexico, I mean they are too be trusted right.
Or you can leave your wife behind with your kids, and send her the money to pay the bills and have that long distance marriage everyone has managed to maintain, who needs their father at home any way.
Maybe we could get a wagon train together, and all move at once, oh I forgot these folks where going to a place of new open lands and the opportunity’s of owning large farmable lands … Our wagon train would arrive at the already owned Wal-Mart parking lot.
Everything looks rosy now in the land of milk and honey.
Orrr..... you could just live in a hole dug in the ground and be scared of everything in life as it sounds like you are. They are not saying this is a good idea for everyone. Life is about risk as there is ALWAYS risk and no guarantees about anything, even life itself. Be smart, do what's right for your family and yourself, and start looking for your own solutions instead of whining and blaming everyone else for your situation. Someone else may have put you in this situation such as getting fired and the like, but YOU are the reason you will stay in that situation.
Steve
I'm with you Steve. The person most culpable for the economic downturn and how it affects you....is you (not you Steve personally, you being the average person). We all have to get ourselves out of this mess. No one forced people to take out mortgages they couldn't afford. No one guaranteed your house would go up in value. No one guaranteed you a job. (unless your in the union and that guarantee is what sent jobs overseas). No one told you to take that vacation you couldn't afford and put it on your credit card.
LetMeExpain
So you criticize the banks for not giving you a loan on your house? Is that the same bank you criticized for GIVING loans they should not have? The fact is that it wasn't the bank, it was the person taking the loan, and the government through CRA and Fannie and Freddie, backed that louse loan. Banks NEVER wanted to give bad loans. They were forced to. I do hold the bank responsible for selling loans in packages, but then again, the buyers like AIG should have done their due diligence before buying. And I don't think the banks knew how bad the loans really were, but they had an idea.
letmeexplain - damn your a debby downer, do you ever think positive or is the entire world out to get you?
Nothing will change in this country untill we go back get the manufacture business going and get the millions of workers now looking for jobs back to work,America has to produce,if we don't due to our incompetend government and both political parties to get to agre on anything,I tell you right now if nothing happens very soon this country is slowly bleeding to dead it and might get worse than in the great depression i went through when i was a 10 year old boy,again we have to start producing or we are dead.
So … Steve-3883232 you have sold your bonny house and moved somewhere, put your money where you big brave mouth is?
It's always easy for the Steve-3883232's of the world to volunteer everybody else to do the dirty work, they are the ones who never serve but are willing to wave the flag as you are coming and going.
Here is a guarantee Steven, you will be calling people names from your hole in the ground for as long as you live.
I am not personally in any situation and travel the world constantly, and I know from actual not hypothetical experience the toll it takes on a family that either moves away from family willingly or because they must for a new job. I have done it, and I have lost many friends along a well worn road, and the few friends who are still living in my home town are there because they love their families and never wanted to travel, and it would break their hearts to have to leave their families behind… smart a$$
Lar-345817 you are guilty again of number one not having any reading comprehension skills, number two lying as you put words in people's mouths because you cannot understand common English as it is written.
You are very ignorant, and know nothing about me or how I need or acquire lending, you are oblivious to how the modern banking system works, and I know this as you are defending AIG and trying to blame the people who borrowed money from them.
brendan-4 Debbie Downer? WTF, my big brass balls in my pocket prevent me from being a Debbie anything, today I may be coming down hard on this article because it is suggesting that everyone out of job should be jumping for joy because one or two particular parts of the country have begin to recover, so lets all pile in the station wagon and let the good times roll. Screw that, this entire country could be up and running again if not for the Corrupted traitorous Wall Street Bankers, Zombified Congress, and 1% giving nothing but lip service back to the country that made them the 1% in the 1st place.
I am going to keep pounding these lowlifes NO QUATER until they are either gone, in prison or start working to bring the United States, every State back on line, dig.
Your inability to comprehend is only exceeded by your lack of knowledge of the banking industry. You have clearly demonstrated that you don't like banks for what they did, yet you criticize them for not loaning you money on your house that is worth 33%. That sounds bi-polar to me.
You said that I supported AIG in my post. If you comprehended it you would realize I criticized them for not doing their diligence. But then again, lack of due diligence is not a new concept for you.
Now Lars I am going to concentrate on you specifically, as before the three little pigs you were a part of decide to gang up.
What I posted BEFORE your rant: "Let's see, sell your current home in the current market when it's worth 1/3 of the value you purchased it, and then try to get a loan from the filthy bankers to buy a new home when you arrive". This is it, it is all I wrote at all about banks period the rest comes from Larseys imagination.
Your 1st post Larsy after I posted "So you criticize the banks for not giving you a loan on your house? Are you able to actually read, the entire statement was a hypothetical satirical statement, only you could put your self in to it and find a way to project your hatred for anyone who is having problems with a bank. Further I am doing quite well and do not need a loan on "my" house. Try to keep up…..
Larsey contined arguing with himself: Is that the same bank you criticized for GIVING loans they should not have? The fact is that it wasn't the bank, it was the person taking the loan, and the government through CRA and Fannie and Freddie, backed that louse loan."
My now guessing what is going through Larsey brain above: Again you seem to be living in some fantasy world that allows you to the liberty to post stuff right out your own head that wasn't not even typed … you are arguing with your self at this point because I didn't type any of that you made it up.
Larsey tripping again: Banks NEVER wanted to give bad loans. They were forced to.
Me :Oh the poor bankers NEEEVVVEEERRR wanted to, some mysterious force over whelmed these completely innocent bankers and Boo Hoo made them do the naughty, They were forced to make huge commissions, forced by the hand of evil its self … This so you don't have a seizer is again a satirical statement.
Larsey contradicting himself: I do hold the bank responsible for selling loans in packages, but then again, the buyers like AIG should have done their due diligence before buying.
Me : So the bankers were made by the devil to make bad loans, but AIG was responsible because they should have know the loans were made by the devil bankers? . Larsey you are starting to ramble here, that is why I only mention AIG the first return volley, normally by now I would not have even read your boring post except that you called me out.
Larsey goes a complete 180 Degrees and we are headed home…And I don't think the banks knew how bad the loans really were, but they had an idea.
Larse you have no clue about modern banking, really go back to sleep until you can get more info 3rd hand about what happened while you where asleep.
I doubt this very much mainly because the results indicate that UNION heavy States will see the increase before "Right to Work States" do...For some reason that sounds like baloney to me..Why would a company, or a start up company want to pay millions more to open up a facility in a Union State where the cost for everything is nearly twice as high as in a Right to Work State?
Unless, the Union States come up with Millions in tax incentives which comes out of the taxpayers pockets, so basically the Union States have to "Bribe" companies to come there...and please note most of those are run by financially incompetent Liberal Demoncrats........now that is sad......
It's because most people aren't flocking to the Right to Work states because all that means is low pay check.
Florida years ago was cheaper to live than states in the northeast...but the state of Florida as far as cost of living is no longer much cheaper than the northeastern states.
Ya, you move down to Florida and go from $25-$30 an hour to $14. Not much of an upgrade if you ask me.
And why would a company bother going to a right to work state when they can move to Mexico or China for far cheaper (you are pro-capitalism right)?...Being anti-union really protected those who worked for Whirlpool, Maytag, Shaw, Levis. etc. grass is always greener across the border....
You said a mouth full when you said the grass is greener across the border. Speaking of grass,we as Americans need to see the broader picture, stop pumping money into a failing "war on drugs," let our farmers grow and sell hemp as our founding fathers did, tax it like everything else, use the $120.00 a day to house non-violent drug offenders and use the combined funds to balance the budget, and fix our crumbling infrastructure. The dispensaries in every state with legal medical marijuana will tell you demand is higher than the supply, and this is just in the US. Why are we letting money for marijuana go across the border into Mexico to the drug cartels when we could be supplying them. America has the potential to create lots of jobs, revenue, and help stop violence along the border all by turning one stone, if we act upon it quickly and positively.
In reference to trinity: you are right they had a company of all places, Alabama (Right to Work state) that moved its manufacturing to China.
The problem is southern workers think by giving in to corporate that they will have a better chance of keeping their jobs. BIG MISTAKE.
Until something is done about this you continue to see companies move their operations to China or Mexico.
The only thing Right to Work states do is create wealth divide. The average people who support right to work laws are severely lacking judgement.
SSShhh!! People should not be fed any good news.
THat's ok...read some of the posters here...if it's good news, it's "propaganda".
I'm really started to believe the drugs these article authors are taking must be new and absolutely mind altering because they live in a different reality.
"the relative strength of the financial services industries" ?? Has this"Senior Producer" turned on a news broadcast or read a news article in 20 years? Banks are on the edge of financial collapse, and some are defaulting into bankruptcy. All banks have made clear and concise statements of intent to continue to cut jobs (HSBC ~ 4000, BOA ~40,000, and more).
Hey John, do us a favor. Give up journalism and take a stroll to a community college and take a course will you. Stop wasting our time with specious content that is not factual and burning internet space.
Mark: I wouldn't be dissing the intellectual capabilities of the writer after your post. "Financial sector" takes in much more than "banks" (and by the way,B of A after shedding those jobs--reported third quarter net income: $6.2 BILLION dollars-- No need to weep for them...they'll be just fine.) Largest financial corps are up almost 25% over one year ago--regional banks 38%, credit cards 23%. Hello?? Can you hear him now??
Ever since the roadblock to economic recovery was put up by Barack Obama, I have been moving from one state to the next and doing very well. Whenever I suggest others do the same until the recession is over, I get all sorts of angry responses. They can't sell their house. They have children. It cost more to relocate than to collect unemployment. The price of gas is too high. The excuses are endless. You can either put up with the inconvenience or you can starve is the way I see it. If you want advice, ask an illegal alien. They don't seem to have any problem going to where the jobs are.
Bush II destroyed the economy, Obama puts up road blocks for the recovery - maybe we just don't need a president anymore.
My friend,BRAVO for you!But when you have a family with Kids, it's easier said than done.
That sir is not an excuse.Illegal aliens concept of life is far different than a family trying to get on the road to make ends meet.
These people with their excuses as you call them, are not illegal aliens nor are they Refugees.There's a vast difference.It is much harder for them.
Again sir I say BRAVO to you and I wish you all the Best of Luck.
Dick,
Most economists said the recession was over in 2009. Every time businesses wanted to restart, Obama puts up the stop sign. First, it was ObamaCare. Then he told the power companies they can build new coal-fired plants, but he will bankrupt them with his regulations. Then he puts a moratorium on offshore drilling. Both mean higher energy cost courtesy of Obama. And he never stop demonizing the "fat cats", constantly telling them they are not paying enough taxes, "fair share", whatever that means. Businesses finally said to hell with this, we'll just wait until the man is out of office.
All the roadblocks have been put up by the Republican party, hoping to convince people not paying attention that the stalled economy is Obama's fault.
It appears that their cynical, destructive tactics are working.
Gloria,
Not every unemployed person is a single mom with children. Most people I work with have families. As I do, they travel out of state to the job and go home on the weekends. It takes lots of effort, but you do what you have to in a recession.
Road Warrior: Not all of us share the delusion that the recession BEGAN under President Obama, and some of us even understand just how deep a hole we were in after GW's disastrous 8 years. Your failure at using logic continues on a more personal scale as you dismiss other people's children as "excuses" for making choices (you can't possibly have any, or a relationship with an adult with a career with that attitude...heck, you seem to have enough problems just holding on to friends after dispensing all that terrifc "advise"). By all means. Go where the jobs are. Those of us already here, already skilled, already educated so that we aren't forced to follow migrant worker paths, will be just fine.
This mess was a creation of GWB administration. I am politically independent.
Between his wars and tax breaks (that were supposed to create jobs but didn't because the corporate bigwigs pocketed the cash), this country was put in a hole that will take 10 years to recover from.
And speaking of Republicans in reference to the present GOP candidates complaining about trade issues with China - where did GWB get all the cash to support the Iraq war from? Of all places China....
As far as I am concerned any Republican should sit in the back of the class and shut their mouths. They really driving this country into the ground!
Hrm, having trouble affording the move? You might want to consider finding work.
Catch-22. And, really, why is it that there's this expectation that employees must be willing to drop everything and move just to find work?
Spouse has a job? Oh well, sorry. Have kids in school? No worries, just disrupt their academic year with a move...
Didn't used to be this way, did it?
Jobs will not "rebound". Ever. Growth is dead. And so it should be...as it is an outdated economic strategy that can't work anymore- we have reached the limits of growth in terms of resources and waste.
Wow, Kate - on what premise do you base such dire rhetoric? What do you suggest? Communism? Yeah that worked out really well for the Soviets didn't it?!? Go wave your red commie flag somewhere else!
And everything that could ever be invented has been!
now Kate: re-read that. Seriously. Open a window. See? The sky is still there.
now Kate: re-read that. Seriously. Open a window. See? The sky is still there.
21st Century Patriot you hit the nail on the head, I belive it is the republicans fault that the president hasn't been able to help the econemy, the block anything that could possibly help us get out of this recession, and do everything they can do to hurt the country because if it apeared as the econemy was picking up people might start to think the president was doing a good job and might want to vote for him again, Obama reminds me of a three legged cat trying to bury a terd on a frozen pond
Are you forgetting Obama had full control of Congress (Pelosi and Reid) in his first two years when critical economic policies should have been implemented, not three years later? He even told the Republicans to go to the back of the bus if they wanted to participate. The first year and a half was critical for jobs to materialize in 2011. Instead, he spent all his time on healthcare. Now it's coming back to bite him.
AMEN to that ROAD WARRIOR but the OBUNGLE lovers will never see it that way even when it hits them right between the eyes. Biggest JACKA$$ ever elected president and there have been a few but not one compares to this moron.
Apparantly the 8 year bufoon "mission accomplished" guy not only didn't hit you between the eyes, you weren't even awake to notice that debacle. NOW you want everything fixed...well where's your party of no on a jobs plan now? (hint, they're not even on the bus). Well whiners, follow or get out of the way, because there's no way you're leading.
21st Century Patriot you hit the nail on the head, I belive it is the republicans fault that the president hasn't been able to help the econemy, they block anything that could possibly help us get out of this recession, and do everything they can do to hurt the country because if it apeared as the econemy was picking up people might start to think the president was doing a good job and might want to vote for him again, Obama reminds me of a three legged cat trying to bury a terd on a frozen pond, poor old guy just cant do it and needs a little help and the republicans wont let any one help
Remember all that arm twisting and deal making Obama did to get ObamaCare passed in his first two years? If he had put forth the same effort on the economic issues, he would have gotten what he wanted even without Republican cooperation.
I am politically independent, and I will not vote for a GOPer in 2012. Cold day in hell!
This projection is true because of Obama ,, his scams of wasting Tax Payer Money is going to mostly Democratic interests ,, and the citizens are being screwed by our own Government.
Anyone who votes Democratic is a Socialist or Union Member ,, the Democrats are openly corrupt and have contempt for the American People,, it oozes out of their ridiculous statements everyday.
Obama has Failed !
China is taking over the World and Obama supports them 100% -- because Obama has a Communist Background.
What in the world were American voters thinking ?
Better dead than red! The domino theory! Gee, with posters like you, we can haul out all that commie stuff from the 50s and 60s. I thought it was dead, but apparently not. :)
My prediction: Republican President and Congress in 2012. Reduction of corporate taxes. Return to pre-Bush era taxes on individuals. Return to full employment by 2014. Return to pro-Capitalist sentiment and relagation of commie sympathizers to the underground where they belong!
my prediction: someday you will discover that we are no longer in the 50's and "commie sympathizers" is only used by people who having been living in a fallout shelter for 50 years.
Jason: Are you referring to Chinese commies or Soviet commies? One economy is at 9.9% growth in 2011, and the other went away in 1991. The US is at 1.8% growth as prolonging wars and Wall Street dominance occupy the 8th grade patriots of the GOP.
Jason; nice channeling of Richard Nixon there...do you do a decent Spiro T Agnew too? meanwhile, back here on planet earth, I predict a second term for President Obama. ...with the Republicans insisting every step of the way that the continuing recovery was going to happen anyway and had nothing at all to do with who is President.
Ah Connecticut, the bleakest out look in the blue bunch. So Governor Malloy, how many more taxes to you need to hike and retro collect to help us find some jobs in Connecticut??
A fellow Connecticutian? I am a MIDDLE CLASS citizen of this state and live in the richest county in the state (if not the country) and by no means should be seeing the hike in my income tax every 2 weeks, let alone this retro-active bull@!$%#! Don't get me started! Where are the jobs? Oh, looking at this map, in the rest of the states that surround us, but not our own!
Yeah, right there's some great advice- consider moving to look for work in a more 'promising' venue. Part-time fry cooks pay about the same from state to state so stay where you are and compete: Get that resume gussied up and sharpen up those interviewing skills. People are lining up for a chance to work at KenTacoHut since this about all that's left. Better, move to China or India- maybe you can get your old job back!
We liberals are being used by the Rothschilds who are increasing unnecessary regulation like the ban on raw and organic foods. These regulations are designed to keep humans dependent on government and corporations. They fear more than anything that humans will realize that government is largely unnecessary. This is why they suppress technology under the rubric of "National Security". Even you sheep must have noticed that technological advancements slowed to a crawl in the last 50 years, with the sole exception of computer hardware.
OH look at CT, the only Northeast state besides RI that won't see recovery for another FIVE to SIX years! Good grief, that is just sad. But as who lives in CT, I am very aware of the fact that this state has not seen any job growth for over two decades!