Where the jobs are

[^_^ 5,021]

THE Bureau of Labour Statistics released two interesting reports this morning that shed a little more light on the state of the American recovery. The first updated metropolitan-level employment data through October, providing a sense of exactly where things are improving, and where they aren't.

As you can see from the chart above, unemployment rates are highest in the West and in Florida, as well as across the country's manufacturing belt. Things are better than average on the east coast, and from Texas north across the Plains. What's particularly interesting to watch is how recovery has proceeded in recent months.

The biggest metropolitan employment gains over the past twelve months have accrued in a diverse array of places. In order, they are: Washington, DC (44,000 jobs), Boston (25,000), Dallas (25,000), Phoenix (24,000), Minneapolis (21,000), Austin (18,000), Baltimore (14,000), Orlando (10,000), Cleveland (10,000), and Seattle (9,000). There's no one explanation that accounts for these performances. Centres of government do well, as do hubs for medical and science research. But the top ten biggest employment gains require nearly ten difference explanations of success.

As one focuses on just the last few months, the trends become a bit more clear. Manufacturing cities, especially those producing machinery and transportation products, have posted surprising drops in unemployment rates in recent months. This includes devastated cities like Detroit and Elkhart, which continued to experience big job losses early in the year, but which have hit bottom and bounced back of late.

Perhaps the most striking trend is the sad state of the recovery in California and Nevada. Of the ten metro areas with jobless rates over 15%, eight are in California. Over the past year, Detroit's unemployment rate has fallen from 15.7% to 13.3%. Los Angeles' has held steady at 11.7%. All of the state's large cities have double-digit unemployment rates, even the tech centres in the Bay Area.

And then there is Nevada. After rising sharply to become the highest in the nation, Nevada's unemployment rate sank in October. Las Vegas' did as well. But there's no good news here; employment was virtually unchanged for the month. Rather, the drop in the unemployment rate was driven by a huge decline in the labour force. Fully 25,000 Nevadans, including 19,000 residents of Las Vegas, left the labour force in October. The Las Vegas labour force has shrunk by 34,000 people in the past year. Migration is a healthy part of adjustment to downturns. The downside here is that shrinkage in Las Vegas' population will exacerbate the ongoing housing market implosion, leaving households now 50% underwater in ever worse shape.

http://www.economist.com/blogs/freeexchange/2010/12/americas_recovery?fsrc=scn/fb/wl/bl/wherejobsare

[Obama 2012 1,714]

and we keep growing and growing here like no other...

Part of me likes the fact, the other part hates it.

Too many damn yuppies moving in here is annoying as hell to be honest, but it's cool that infrastructure development and certain areas are building up quite nicely.

[^_^ 5,021]

and we keep growing and growing here like no other...

Part of me likes the fact, the other part hates it.

Too many damn yuppies moving in here is annoying as hell to be honest, but it's cool that infrastructure development and certain areas are building up quite nicely.

It would be interesting to see a revised version of that graphic if you remove Cali and Florida. That would increase "U.S. average" and therefore change the distribution of what's still above and below it.

[Jenn! 918]

and we keep growing and growing here like no other...

Part of me likes the fact, the other part hates it.

Too many damn yuppies moving in here is annoying as hell to be honest, but it's cool that infrastructure development and certain areas are building up quite nicely.

Why do you not want yuppies moving near you? I think the more the better. What's a more desirable alternative?

[^_^ 5,021]

Yeah, yuppies are awesome. Whole Foods follows, the schools get better as parental involvement increases. It's win win.

[Obama 2012 1,714]

Yeah, yuppies are awesome. Whole Foods follows, the schools get better as parental involvement increases. It's win win.

We've had whole foods and central market for a long long time now... way ahead of that game.

I actually live in one of the most progressive cities in the country, but relatively fiscally responsible at the end of the day....

[spookyturtle 9,466]

We've had whole foods and central market for a long long time now... way ahead of that game.

I actually live in one of the most progressive cities in the country, but relatively fiscally responsible at the end of the day....

You must be part Australian.

[mawilson 2,133]

It would be interesting to see a revised version of that graphic if you remove Cali and Florida. That would increase "U.S. average" and therefore change the distribution of what's still above and below it.

Why would removing CA and FL *increase* the average unemployment rate?

[^_^ 5,021]

Why would removing CA and FL *increase* the average unemployment rate?

Sorry. I meant the opposite.

I make that mistake a lot don't I.

[luckytxn 2,265]

and we keep growing and growing here like no other...

Part of me likes the fact, the other part hates it.

Too many damn yuppies moving in here is annoying as hell to be honest, but it's cool that infrastructure development and certain areas are building up quite nicely.

We do get a lot of Newbs here.