Tuesday, October 30, 2012

Rust Belt Redux

So BLS is reporting that the Pittsburgh regions seasonally adjusted unemployment rate ticked up to 7.4% in September, from 7.3% in August.  It is a curious artifact of the new seasonal adjustment in that the seasonally unadjusted rate for the region was 6.7% in September of 2011, AND September of 2012.

I thought to be fair I should update my rust belt divergence chart of unemployment rates in Pittsburgh, Cleveland and Detroit. See below. I will add in Charlotte gratuitously.  Yes, to give credit where due, Cleveland has been coming in under our unemployment rate the last few months.  Go Cleveburgh!

It is not quite a strict comparison of course.  Pittsburgh looks to again be setting a new record in the size of the regional labor force. 

But here is the graph.  Lots of convergence.  What I find surprising is that for 5 months earlier in the year Charlotte's unemployment rate was higher than Detroit's.  Just a factoid to chomp on.