A Laboratory of the Future Human Experience
The “new normal” unemployment will be worse than the “old normal”.
The American Economics Association held its annual meeting in Denver last weekend. Most attendees appeared to be in a very forgiving mood. While the economists in Denver recognised the severity of the economic slump hitting the United States and much of the world, there were few who seemed to view this as a serious failure of the economics profession.
Aerospace manufacturing in Oklahoma City
The four large U.S. cities that have made it through the Great Recession with the smallest increases in unemployment, Minneapolis, Oklahoma City, Buffalo and Rochester, New York, don’t have much else in common. But a government report shows they’ve had the smallest increases in joblessness over the past two years among cities with at least 1 million people. None of the four relies on heavy manufacturing industries, such as autos or steel, which have been hit hard by the downturn. And all have avoided the extremes of the housing boom and bust that devastated much of California, Florida and Nevada.