The headlines are what the headlines are, and the fact is that jobs continue to disappear. The Denver Business Journal reported today that the Denver metro region has lost 48,000 jobs in the past year, as unemployment has risen from 5.3% to 6.8%.
This remains a serious problem, and I believe that it's the primary reason interest rates are still in the 5% range, despite trillions of dollars of spending and spending commitments by the federal government.
The story is far more bleak in other markets - several metropolitan areas reported job losses of 7 to 8% over the past 12 months, while Detroit checked in with a staggering unemployment rate of 16.7%. The entire state of Michigan is broken.
A total of 124 cities across the country reported unemployment rates of 10% or higher, led by El Centro, California, with 30% of its workforce sitting at home.
No jobs, no economic growth, no matter how much the government spends. That's the deal. And with 361 of the 369 cities surveyed reporting job losses over the past year, a legitimate recovery remains a long way off.
This remains a serious problem, and I believe that it's the primary reason interest rates are still in the 5% range, despite trillions of dollars of spending and spending commitments by the federal government.
The story is far more bleak in other markets - several metropolitan areas reported job losses of 7 to 8% over the past 12 months, while Detroit checked in with a staggering unemployment rate of 16.7%. The entire state of Michigan is broken.
A total of 124 cities across the country reported unemployment rates of 10% or higher, led by El Centro, California, with 30% of its workforce sitting at home.
No jobs, no economic growth, no matter how much the government spends. That's the deal. And with 361 of the 369 cities surveyed reporting job losses over the past year, a legitimate recovery remains a long way off.
