Wait at least ten years for U.S. employment to come back. article cover image
News/Community Wire/Archive/Jun 24, 2011
Legacy archive / noindex

Wait at least ten years for U.S. employment to come back.

Republished with permission

Wait for at least ten years for U.S. employment to come back. Although the U.S. economy seems to have climbed from the bottom, according to one statistic, it will take at least ten years for major U.S. cities to return to the employment levels of two years ago...

Local families

U.S. jobs have to wait for at least ten years to come back. Although the U.S. economy seems to have climbed from the bottom, according to one statistic, it will take at least 2021 for major U.S. cities to return to the employment levels of two years ago. The New York Times reported that a survey released on the 20th showed that nearly 50 major cities in the United States, which is more than one-seventh of medium and large cities, have lost a large number of job opportunities due to the economic recession in the past two years. It will take at least another ten years to return to the level of two years ago. The "USConference of Mayors" report released on the 20th was written by "Global Insight" (IHS Global Insight) and conducted labor force survey research on 363 major cities in the United States. These 363 cities account for 86% of the US employment population. According to the report, before the end of 2011, the unemployment rate in 70 metropolitan areas across the United States will be stuck in the high teens. According to the report, these 363 cities were affected by the economic recession, and a total of 7.3 million job opportunities were lost. To return to the peak of employment, which was 118.3 million jobs in the first quarter of 2008, we have to wait until at least the first half of 2014. Six of the cities with the highest unemployment rates are all in California: Stockton, Modesto, Fresno, Bakersfield, Riverside and Sacramento, the capital of California. The second-highest number of cities with high unemployment rates is Florida, which includes five cities: Fort Myers, Lakeland, Miami, Melbourne and Tampa-St. Petersburg. To make matters worse, reports indicate that the employment situation in five large cities located in industrial areas - Detroit, Cleveland, Dayton, Toledo and Youngstown, Ohio - may not recover before 2021. The report predicts that the U.S. unemployment rate will fall to 8.6% by the end of this year, but will not fall below 8% for at least another two years. According to another IHS Global Insights report, the unemployment rate in 69 metropolitan areas in the United States will remain above 10% until the end of 2012.

Sources and usage

This piece is republished or synchronized with permission and keeps a link back to the original source.

Editorial tags

Community WireArchiveRepublished with permission