ilbegone
10-29-2009, 09:04 AM
Unemployment rate falls as workers become discouraged
A grim job picture
Christopher S. Rugaber, The Associated Press
10/28/2009
The unemployment rate fell in September in most metro areas, although that's largely because more people gave up on job searches than found new work.
"The job market is not recovering at all yet," said Jim Diffley, regional economist for IHS Global Insight. "We're looking at another jobless recovery."
The September unemployment rate fell in 223 of 380 metro areas, or about 59 percent. The jobless rate rose in 123 metro areas, and was unchanged in 34.
Thirteen metro areas reported unemployment above 15 percent, down from 16 areas in August.
Among the 49 metro areas with populations over 1 million, the San Bernardino-Ontario-Riverside metro area remains in the No. 2 spot with 14.2percent unemployment, down from 14.6percent in August.
In many cases the drops resulted from discouraged workers leaving the labor force, perhaps to return to school. Once jobless workers stop looking for work, they are no longer counted in the unemployment rate.
The trend likely will continue for several months, and then reverse as the economy slowly improves, Diffley said. The government is expected to report today that the nation's economy grew at a 3.3percent annual rate in the July-September period.
The Detroit metropolitan area has the highest unemployment rate, with 17.3 percent, up from 17 percent in August.
A third of metro areas will have jobless rates above 10 percent in the fourth quarter of 2010, according to a forecast
A grim job picture
Christopher S. Rugaber, The Associated Press
10/28/2009
The unemployment rate fell in September in most metro areas, although that's largely because more people gave up on job searches than found new work.
"The job market is not recovering at all yet," said Jim Diffley, regional economist for IHS Global Insight. "We're looking at another jobless recovery."
The September unemployment rate fell in 223 of 380 metro areas, or about 59 percent. The jobless rate rose in 123 metro areas, and was unchanged in 34.
Thirteen metro areas reported unemployment above 15 percent, down from 16 areas in August.
Among the 49 metro areas with populations over 1 million, the San Bernardino-Ontario-Riverside metro area remains in the No. 2 spot with 14.2percent unemployment, down from 14.6percent in August.
In many cases the drops resulted from discouraged workers leaving the labor force, perhaps to return to school. Once jobless workers stop looking for work, they are no longer counted in the unemployment rate.
The trend likely will continue for several months, and then reverse as the economy slowly improves, Diffley said. The government is expected to report today that the nation's economy grew at a 3.3percent annual rate in the July-September period.
The Detroit metropolitan area has the highest unemployment rate, with 17.3 percent, up from 17 percent in August.
A third of metro areas will have jobless rates above 10 percent in the fourth quarter of 2010, according to a forecast