Saturday, September 20, 2008


Pennsylvania's unemployment rate is up.. Employment growth was limited to just a few sectors including education, health care, natural resources and mining... hmm. We will see what the region's unemployment looks like in a little over a week. The news for New York City is bad with their release of unemployment jumping from 5 to 5.8 percent between July and August, which is before most of the big events of the last week at Lehman or AIG. Could be ugly in Manhattan which has an economy driven a lot by the financial industry. But more comparable for us, Detroit's seasonally adjusted unemployment rate for August has jumped to 9.0%. Cleveland is up to 7.5%. Impacts here for sure, but it looks like local construction employment is actually hitting a recent high.

Unsurprisingly Detroit, Cleveland and NYC all make Forbes recent list of the most stressful cities. We don't seem to be in the top 10 at least. Can't find what our actual rank is in their list.

I will just note this here, but on my post earlier in the week on Port Authority fuel prices/contracts I have appended some clarifications of note which I received direct from the source. See the post from Wednesday if you want the details.

on Vallejo and bankruptcy... See this Bloomberg story which says others also think there are some important precedents that could be set. Coincidentally you get more folks talking about whether the Port Authority could "Pull a Vallejo". Yesterday County Councilman Mccollough brought up the topic by saying he was going to propose legislation that would force the Port Authority into bankruptcy. As I mentioned in a comment I think, I doubt there is much need for legislation, if they really run out of money and shut down they may be forced into court anyway though I am a little dubious (much more so than Vallejo) that a judge would allow a Port Authority bankruptcy to go forward given that they have no debt and there is this drink tax revenue very publicly being held in some sort of political escrow by the county.


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