Use access key #2 to skip to page content.

alstry (< 20)

On the brink of 10% UNEMPLOYMENT



November 22, 2008 – Comments (1)

If the Inland Empire is one of the birthplaces of the current recession, it is also at the forefront of the nation's growing pain over joblessness -- with the highest unemployment rate of any large metropolitan area in the country.

State numbers released Friday show the Riverside, San Bernardino and Ontario area is now suffering from its highest unemployment rate in 13 years at 9.5% in October -- 3 percentage points higher than the national rate and 1.3 points higher than the state's rate of 8.2%.

Ignited by the collapse of the local housing market, which decimated the construction and lending industries, the wave of unemployment has trickled into almost every area, including retail, manufacturing and local government.

I think we are still in the early stages of a protracted slowdown. 

It will be exciting when this baby turns the only question is when.

1 Comments – Post Your Own

#1) On November 23, 2008 at 2:06 PM, zygnoda (< 20) wrote:

The U-M forecast predicts unemployment in Michigan will reach 10.5% in each of the next two years. The forecast also predicts tax revenue for the state's general fund will fall to $8.6 billon this year, compared with $9.4 billion in the fiscal year that ended Sept. 30.

Report this comment

Featured Broker Partners