When the economy is in a downturn, most people wonder when will it bottom out. I’m not sure if we have bottomed yet or not, but Yahoo has a quick story listing the 5 cities that will lose the most jobs this year (speculative, of course):
The New York area is expected to lose 181,000 jobs in 2009, the report said. Consulting company IHS Global Insight produced the report for the group.
The Los Angeles area is expected to see 164,000 lost jobs, in part because of the huge drop in home prices that has punctured the California economy.
After New York and Los Angeles, the Miami area is expected to see the greatest loss, with a decline of 85,000 jobs. Chicago and the surrounding area are next, with losses projected at 80,000.
Again, this is speculation. One thing that catches my eye – this report is based on number of jobs lost. Well, obviously New York and LA have the greatest chance of leading the pack. They are the largest cities in the US. I would prefer to see the numbers reported as the unemployment rate for each city. That would provide a better read on each local economy.
Here is the ray of hope – 5 cities expecting an increase in employment:
Ithaca, N.Y.; Fairbanks, Alaska; and St. George, Utah, are among the handful of the nation’s 363 metropolitan areas expected to see employment remain flat or increase slightly.