Reply #17: Severe Unemployment Worsens In Cities

[flyarm]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7398110

Severe Unemployment Worsens In Cities

By Hibah Yousuf, staff reporterJanuary 5, 2010: 11:32 AM ET


NEW YORK (CNNMoney.com) -- The number of U.S. metropolitan areas with jobless rates above 15% increased in November, according to government figures released Tuesday, despite the biggest one-month drop in the national rate in more than three years.

The Labor Department said 17 of 372 metropolitan areas surveyed suffered unemployment rates of at least 15% last month, up from 15 metro areas in October.

National unemployment improved to a seasonally adjusted 10% in November from the 26-year high of 10.2% hit in October. The rate had climbed for 12 out of the previous 13 months before November. Economists surveyed by Briefing.com expect the national rate to edge up to 10.1% when the Labor Department releases its December jobs report Friday.

Three areas in Michigan posted jobless rates higher than 15%, including Detroit. The city wrecked by the collapse of the auto industry continued to lead the nation's areas of 1 million people or more with the highest unemployment rate in November at 15.4%.

California's Inland Empire, including Riverside, San Bernardino and Ontario, ranked second to Detroit among larger areas with an unemployment rate of 14.2% in November.

MORE...

http://money.cnn.com/2010/01/05/news/economy/metro_unem...

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Pending home sales fall 16 percent in Nov.
By ALAN ZIBEL, AP Real Estate Writer


WASHINGTON – The number of buyers who agreed to purchase previously occupied homes fell sharply in November, a sign sales will fall this winter, undermining last summer's recovery.

The report Tuesday indicates consumers are taking their time following the extension of a tax credit deadline. The incentive of up to $8,000 for first-time buyers was set to expire at the end of November. But Congress pushed back the date and broadened the program with a new credit of up to $6,500 for buyers who relocate.

But there appeared little risk a potential double-dip in housing would pull the economy back into recession. Orders to U.S. factories posted a big gain in November, the Commerce Department said Tuesday. That data was the latest evidence of a strong turnaround in manufacturing as industries from China to Europe flash recovery signs.

Taken together, the reports show that, while housing remains vulnerable, makers of steel, computers and chemicals are mounting a surprisingly robust rebound.

"We expect housing to just limp along even as the rest of the economy is growing fairly strongly," said Nomura Securities economist Zach Pandl. .........(more)

The complete piece is at: http://news.yahoo.com/s/ap/20100105/ap_on_bi_go_ec_fi/u...



xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

yeah that economy is just zooming along!!!!!!!!!!