Friday, March 06, 2009

afternoon musings

The good: See the PG coverage that finally starts up front with news on the number of local foreclosures by finally pointing out that the local trends are downward. Earlier in 2008 the news was almost hysteric that we were going to have a record year for foreclosures. The question now is whether 2009 will come in for a 3rd straight lower number overall.

Also via JimR is a good catch of a small item from Charlotte showing how local firms are recruiting down there. Why? Well... someone must be hiring here at the very least. Also, Charlotte unemployment has quickly gone from 4.8% in Dec 2008 to 8.9% in Dec. 09. These are workers who probably never conceived of being unemployed. Go back a decade and in 1998 Charlotte unemployment dipped to an unbelievable 2.1%, which Pittsburgh probably never saw except at the peak of WWII. I really am beginning to shift my thinking on what the biggest recession story is for Pittsburgh. For awhile I was thinking it was simply how we are faring relatively better than elsewhere and the reasons for that... but for the longer term, the bigger impacts may be coming from the changes in migration trends that are probably shifting as a result of the ongoing recession.

The bad: WPXI posts the question in the back of everyone's mind on whether Pittsburgh's economic calm could be coming to an end. The factoid of the day is Pitt's decision to freeze salaries. Yet is the news that salaries are being frozen, or is the news that there has not been a layoff as yet. Half empty? half full?

The ugly: Not here, but Michigan just posted another big jump in their statewide unemployment rate from 10.2% in December to 11.6% in January. I shudder to think what Detroit's is going to look like when we learn it in a couple weeks.


Anonymous Anonymous said...

The Charlotteans in that bank recruiting article came off like a bunch of arrogant douchebags. But maybe that's just me...

Friday, March 06, 2009 4:38:00 PM  

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