This is an article abou the effect of the financial crisis in the U.S. There has been many articles and concerns regarding the recession and the financial institutions, but this article mainly focuses on how it is influencing the states in U.S.
Along with the current recession in the U.S. economy, New England states are also facing a significant recession. This recession will lay off 250,000 jobs which is about 3.6% of its employment, and it is predicted that unemployment would continue to increase through 2011. As the industries in New England states are highly concentrated in business investments and high-income dependent industries, the recovery is expected to be weaker and slower as compared to other regions in the nation. With the sharp decline in the housing market and the growth of real income per capita, New England will continue to experience recession.
2 comments:
Usually the New England region has been rather lucky to keep jobs because their industries had paid off in those investments, but as it seems almost nothing can hide from the effects of this crisis.
Along with the housing market, New Englanders are generally wealthier than those in say, the Midwest, so the more expensive houses in New England will make it harder for this area to recover.
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