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.


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?!

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.