Tracking code caldwell guardian

Wednesday, January 21, 2009

Idaho Economic Decline Deep in 2008 Will be Deeper 2009



Idaho Department of Labor January 2009 Issue / November 2008 Data
C.L. “BUTCH” OTTER, GOVERNOR ROGER B. MADSEN, DIRECTOR
ECONOMIC DECLINE DEEPER THAN EXPECTED IN 2008,
EVEN DEEPER IN 2009

The economic slowdown that was anticipated through 2008 was clearlydeeper than expected. This full-blown recession is mirroring the unemployment pattern of the 2001recession. But non farm jobs, which stalled but did not decline during the 2001 recession and its aftermath, have been dropping steadily since last spring and will continue falling behind year-earlier levels while the unemployment rate escalates through much of 2009. In December 2007 Idaho had the lowest unemployment rate in the nation at 2.7 percent.

There may have been some question about the quality of the jobs the economy was generating. But based on the fact that help-wanted signs were just about everywhere, there was no question that there were jobs for people who wanted to work.The change over the past year could not be more stark.

By December 2008 Idaho’s unemployment rate had shot up nearly four full percentage points to 6.6 percent. It was up nine-tenths of a point from November, when 18 other states had lower unemployment rates and the economy was beginning to shed jobs at a serious rate. No other state saw an unemployment rate increase as great as Idaho’s on a percentage basis, and only two states – Rhode Island and North Carolina – posted increases of more than Idaho’s three percentage points from November 2007 to November 2008.

For the first time ever, the Unemployment Insurance Trust Fund paid more than $6 million a week in benefits during the first three weeks of December, $7.5 million in the last week, $9 million in the first week of January and over $10 million in the second.

Non farm unemployment in Canyon County now stands at 7.9%, compared to 2.7% December 2007. Working people are already having to deal with all this bad news. Let's hope the local at state elected politicos don't make any serious blunders to exacerbate this situation further. Mr. Otter understands the dire straights Idaho is in and has delivered the message quite well in his State of the State address. The local politicos continue to be worrisome with their tax and spend ways.

1 comment:

  1. Why are the county commissioners moving forward with bids on water and sewer for the temporary holding facility (the new jail)? Do they have that kind of money to spent in this falling economy?

    ReplyDelete

A public discourse on the issues of the day makes the world a better place.

We welcome comments but they will be moderated and edited if too long or do not have anything to do with the post.
Agree or disagree just do it without profanity or it won't get posted. Try to keep your comments to no more than 300 words. Too long and I will try to edit it down or simply delete the comment. The whole idea is to get people to read your comment. Don't use 10 words when one will do the job.

It's OK to have a difference of opinion but keep it civil. I have used the "delete" feature on myself at times.

The ANONYMOUS feature for comments seems to be the most user friendly. People have commented they have difficulty with the other methods of posting comments.