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States with worst jobless rates share root causes

Submitted by StaxBrix on Sat, 01/10/2009 - 21:56
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Unemployment hot spots all over the map, but worst states share housing, manufacturing pain Unlike the last recession, today’s unemployment hot spots are all over the map.

The five states with the highest unemployment rates — Michigan, Rhode Island, South Carolina, California and Oregon — all have something in common, though: a heightened exposure to the root causes of this downward spiral.

The collapse of housing. The implosion of the auto industry. The meltdown of financial services. The exodus of manufacturing.

All states are feeling the pain, but the worst are getting hammered on multiple fronts:

– The rotten housing market has punished California lenders and builders, taken an ax to Oregon’s timber industry and soured the prospects for construction workers in Rhode Island, where buyers from neighboring states helped drive up home prices.
http://votetags.info/2009/01/states-with-worst-jobless-rates...

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Thank

Submitted by quiltingsando on Sat, 01/10/2009 - 22:20.

this is interesting. People in Michigan are waiting at the unemployment offices for hours it was on the news. Ugh!

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I guess the question

Submitted by SyntheticSolutions on Sat, 01/10/2009 - 22:01.

is do you think (as one author recently put it with regard to Rhode Island) the states mentioned above are simply Canaries in the Cole mine for the wrest of the country? For example, the average home price in Detroit is something like $18,500! Are we heading there from sea to shining sea?