Forecaster: Most of U.S. has escaped recession.
(Also thinks puppy dog dreams and monkey farts will cure economic woes.)
The overall U.S. economy appears to have escaped a recession, most mainstream economists say, but that's no comfort to some parts of the country.
One respected economic forecaster estimates that 170 U.S. metropolitan areas could be considered technically in recession, and 116 are at risk of economic contraction. Only oil-rich Texas and Oklahoma have been relatively unscathed.
The biggest losers include industrial Midwestern states such as Ohio, Michigan, Indiana and Wisconsin. Deep problems in auto manufacturing, exacerbated by bad bets on SUV production as gasoline prices rose, have hurt those states. The housing crunch has made a bad situation worse.
"Michigan is either the weakest or second weakest economy, mostly due to the misfortunes of the auto industry," said Mark Vitner, senior economist for Wachovia, the big national bank based in Charlotte, N.C.
________________________________________
I think if you ask most U.S. Citizens if their financial situation has improved or declined in regards to the cost of living most would say declined.
How many of us received a annual pay increase that would cover our increase in the cost of fuel or fuel oil?
How many of us received NO pay increase?
How many of us lost our jobs?
Welcome to Detroit
No comments:
Post a Comment