Friday, July 17, 2009

down up down up

Half empty, half full... News accounts say the latest realstats data says real estate sales are down a lot, prices down some, but still the biggest number to parse is that foreclosures are down. Down by just a bit? For the 2nd quarter foreclosures are down 20% over the previous quarter. I think that makes it down like a third or more from a comparable 2nd quarter of 2008. Back then the news was all about the escalation in foreclosures locally. Isn't the unexpected turnaround in that data the bigger story by far?


State unemployment rate is unchanged. My honest answer to almost all questions about the "Pennsylvania economy" is that there isn't really a Pennsylvania economy. A number of different regions make up PA, regions that really are not bound together except by some artificial boundaries set long ago. As an economic entity Pennsylvania probably never existed from its inception. The linkages say between Pittsburgh and the growing Northeast part of the state have to pale with our connections to West Virginia and Ohio. Nonetheless, artifacts of history or not, the monthly unemployment rate for Pennsylvania came out yesterday.

But FWIW, here is something I normally do for the region. This is the relative picture of how Pennsylvania and US unemployment rates have compared over the last 3 decades:


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