Economic News Week: June 21, 2010
By Tony Stevenson
The Dow was up 2.3% for the week–the first time in seven months that it has had back-to-back weekly gains of 2% or more. New Labor Department data, released on Friday, showed that improved unemployment is widespread. The jobless rate fell from April in 37 states. “The recovery has spread out,” was one statement by Steven Cochrane, an economist at Moody’s Analytics.
The U.S. has added nearly a million jobs since the recession in December 2009. Including some temporary jobs that will soon disappear. States with big manufacturing and natural resource sectors like Texas and Indiana have enjoyed a steady growth. All this was reported in the Wall Street Journal this past weekend.
One bit of evidence that the job market, though still weak, has bottomed out: No state showed a statistically decrease in unemployment over the month the article continued to state. Plus, “Confidence about leaving jobs shows improving economy”, was a headline by the Associated Press last week as well. More folks quit their jobs in the past three months than were laid off. This trend suggests the job market is improving. One sign of economic improvement is when more people start finding jobs. Another is when they feel confident enough to quit them the same article said. Texas, as a whole has an 8.3% unemployment rate. San Antonio-New Braunfels share 7.1%.
While Gillespie County has the lowest which I believe is still below 5%. Compared to the rest of the Nation, I would say we-San Antonio/Austin and the Texas Hill Country, are doing quite well. Travis Tullos, a Texas economist stated further in the S.A. Business Journal, ” I haven’t felt this good about the San Antonio economy ever”. Mr. Tullos expects that San Antonio can regain much, if not all, of the economic momentum it enjoyed prior to the economic crisis. Again, what happens in San Antonio/Austin can and does spill over into the Texas Hill Country.
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