S&P 500
7,247.40
+0.29%
Dow Jones
49,655.60
+0.33%
Nasdaq 100
27,769.40
+0.30%
Russell 2000
2,820.36
+0.56%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,698.00
+0.74%

Economy

Cities Will Struggle With High Unemployment For Years

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The U.S. Conference of Mayors recently released a report that says jobless rates will peak this year but that it will be many years before unemployment numbers reach the lows before the recession. There is no news in that.

What is new is that the mayors believe that unemployment in many cities will stay above 10% until 2013.

Reuters reports that unemployment was above 15% in 17 metro areas in November. This list matches fairly well with the one which the mayors presented. It is made up of the cities in the industrial Midwest, Florida, Southern California, and Nevada.

The projections tells a great deal about how intractable the jobless problems is the US. Workers with skills that are useful in the part of nation were they live will eventually find employment. Auto workers will no longer be able to find  jobs in Michigan and will have to relocate in the hope of finding employment.

There has been an exodus of people out of the central Midwest to large southern states like Texas. Job seekers believe that the grass is greener there, but the fact of the matter is that there are not enough jobs to go around anywhere.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

Why Double-Digit Unemployment Persists in Pockets

ThinkstockBased on recent national unemployment rates, it would appear that job creation has improved sharply from when the economy was…
Douglas A. McIntyre |

Fifteen Percent Unemployment For Two More Years

The chart that shows what the Congressional Budget Office believes the unemployment level will be is buried deep in the…
Douglas A. McIntyre |

The Growing Despair Of The American Workforce

The recession is over and unemployment will begin to drop shortly from its perch near 10%. Larry Summers, the head of…
Unemployment Rate Drops in 10 States During June
Douglas A. McIntyre |

Unemployment Rate Drops in 10 States During June

As the national unemployment rate hit 4.4% in June, unchanged from the month before, the number dropped in 10 states,…
Douglas A. McIntyre |

The New National Employment Anxiety: The Myth Of The Jobless Recovery

The press and a number of economists believe that GDP will improve at the end of this year and that…
Douglas A. McIntyre |

The Ten States With Miraculous Recoveries In Unemployment

Unemployment numbers  give very little information about how the recession has damaged the economies of cities and states which had…
America Is Running Out of Workers
Douglas A. McIntyre |

America Is Running Out of Workers

The employment situation in America is so robust that it has started to drive up labor costs for employers.
Unemployment Above 10% In Some California Cities
Douglas A. McIntyre |

Unemployment Above 10% In Some California Cities

When the Bureau of Labor Statistics “Civilian labor force and unemployment by state and metropolitan area” for December comes out…
American Cities Losing the Most Jobs This Year
Evan Comen |

American Cities Losing the Most Jobs This Year

[cnxvideo id=”655416″ placement=”ros”]The U.S. economy added roughly 2.4 million workers over the past year. Over the same period, the unemployment rate…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618