Thursday, September 2, 2010

"More Local Jobs Vanish" - Unemployment in Charlottesville Albemarle Area

New numbers show that more people are struggling in this area.  The DP has the details:
...[T]he number of people with jobs in Central Virginia dropped by more than 1,600 between June and July. The region’s 99,902 employed is the second-lowest total since August 2008. Only January 2010’s total of 99,245 employed is lower.
 Read.  And:
  • The Cville Metro Area was at 3% unemployment  in 2008.
  • The new data isn't much different than that in July, when the City was at a 20 yr low.   
  • Private job growth has ended; those with a 4 yr degree and PhD's have the highest rate of un- and under-employment.
  • Additionally, if all the people in RE industry (Realtors, architects, builders, decorators, home improvement, etc.) were counted as "jobless" because they don't make a living at the profession, the unemployment numbers would be higher.
Fewer jobs = fewer home sales, more underwater mortgage holders, more foreclosures, etc.  There's a popular hope that Q4 of 2010 will be the bottom of the local housing market.  Sadly, no.  Much more pain to come.

3 comments:

Anonymous said...

Why can't anybody think of a way to get more jobs here?! This is one of the 10 brainiest cities in America!

How come so many waiters have PhD's?!

http://www.thedailybeast.com/blogs-and-stories/2010-08-27/americas-brainiest-cities/

Anonymous said...

The reason is that most liberal arts PhD's are useless. Its hard to find a job at the philosophy factory. I would wager a fair amount that technical and science PhD's (biology, engineering, geology, etc.) are living high on the hog and not waiting tables.

C'ville Bubble Blog said...

On a national basis, unemployment is lower for those with higher education. In a university town whose largest employer is the u, the opposite applies.

http://www.calculatedriskblog.com/2010/09/unemployment-rate-and-level-of.html