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Ed Morrison · Rough seas ahead for NEO

January 21st, 2009

The mayors of Akron, Youngstown, Cincinnati, and Columbus joined their colleagues in the U.S. mayors winter meetings in D.C.

(Cleveland’s mayor did not register to attend.)

The mayors released a sobering assessment of the year ahead for metro economies. From the report:

  • [T]he U.S. economy is in dire straits. The recession is steadily deepening, perhaps to a depth unseen since the Great Depression of the 1930s. All of the tools of monetary policy favored by the Federal Reserve have proven ineffective in the face of the unprecedented crisis of the U.S. financial system.
  • The nation’s 363 metropolitan areas are home to 86% of U.S. employment and 90% of wage income. They are the key drivers of the nation’s economic performance. Without the economic recovery of metro economies there can be no U.S. recovery.
  • Forecasted declines will push more metropolitan areas below their year 2000 employment levels by the end of 2009.
  • The Great Lakes and Northeastern states have experienced the weakest employment growth, with not a single metro in Wisconsin, Illinois, Indiana, Michigan, Ohio, New York, New Jersey, or the New England states generating job gains as fast as the US working-age population.
  • Cleveland’s metro is projected to lose another 22,000 jobs in 2009, with an unemployment rate of 10.3%.
  • You can read more here.

    By the way, in the accompanying report that lists “shovel-ready” infrastructure projects, there are no projects listed in Cleveland. Read more.

    Makes you wonder what’s going on.

    Last 5 posts by Ed Morrison

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    2 Responses to “Rough seas ahead for NEO”

    1. Rough seas ahead for NEO - AkronNews.org Says:

      [...] posted here:Â Rough seas ahead for NEO Tags: brewed-fresh-daily, daily, facebook, federal, january-21st, michigan, money, morrison, [...]

    2. South Euclid Oversight Says:

      It appears that the City of South Euclid is the only municipality NOT experiencing any financial difficulties….http://southeuclidoversight.blogspot.com/2009/01/another-piece-of-puzzle.html