It’s no surprise to hear that some industries and parts of the economy have still not fully recovered from the effects of the recession. While some industries have bounced back and are currently flourishing, there are some areas that still suffer from unemployment and budget cuts. According to an article posted in CNN Money, 75 metro areas will continue to struggle with unemployment rates in the double digits through the end of the year.
Unemployment rates will continue to be over 10% in 69 metro areas until the end of the 2012 year, according to the report presented by IHS Global Insights. Some of the hardest hit areas are in California and include Stockton, Modesto, Fresno, Bakersfield, Riverside, and Sacramento. Unemployment rates projected for the end of the year include Stockton with over 16%, Modesto and Fresno with just under 16%, and Bakersfield with over a 14% unemployment rate. Florida is also high on the list with five struggling cities in the state which include Fort Myers, Lakeland, Miami, Melbourne, and Tampa. While the same report also suggests that more than half of the cities in the U.S. will eventually recover and pick up jobs to return to the levels in which they were employed before the recession started in 2007, information suggests that will not happen for another three years.
Other areas of the report include a projection that the national unemployment rate will fall to 8.6% by the end of the year, with that unemployment rate not dropping below 8% in the next two years. The report also comes with even worse news as it is projected that five metro areas aren’t likely to recover from the effects of the recession until sometime around the end of the decade. These areas include: Detroit and Cleveland, and Dayton, Toledo, and Youngston, which are located in Ohio.
The report also shows that jobs and economic growth will continue to be a top campaign issue in the coming year. The high unemployment rates in California, Florida, and Ohio will also be highly significant because those states will play important roles in the presidential election and politics in 2012. Assessments at the National Conference of Mayors have already considered calls to national leaders to back out of costly war efforts abroad to focus that money on unemployment and job growth in the U.S. Los Angeles Mayor Antonio Villaraigosa says that it is time to bring investments back home and that building roads in Baghdad rather that in our own cities isn’t what the U.S. should be doing.
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