The Bureau of Labor Statistics issued its July Employment report and it gave cold comfort to those who deny we are in a national economic recession. The July unemployment rate rose to 5.7% from a June rate of 5.5%. In contrast, Wichita's unemployment rate was 4.3% in June.
Payrolls fell by 51,000 jobs. Wichita's export base is still doing well. The Labor Bureau does not break out the aircraft industry in its report, but by my analysis of their data jobs grew in the industry by about 1.3% over last year. In contrast many local companies serving other markets have experienced weak demand over the last year.
One measure of how the economy is doing is the ratio of jobs to the American population. Although it is a little noisy from month to month, it portrays the fundamental trends (see the chart.) In this recession the employment ratio has fallen by 107 basis points (1.07 percentage points.) That is mild in comparison with prior recessions: either we have a lot more pain ahead or we are in a very mild recession.
3 comments:
Im glad im in Wichita. Being here will help me find a better job alot easier as compared if i was anywhere else in the US. This just shows that Wichita is a great place to live because of the abundance of job openings and business's in and around the city.
In July, unemployment rate rose to 5.7% from a June rate of 5.5%. In contrast, Wichita's unemployment rate was 4.3% in June. Payrolls fell by 51,000 jobs. Wichita's export base is still doing well. I think the only reason that Wichita unemployment is not as high as the rest of the country is because the aircraft industry at this point is not having problems, but once they do Wichita’s unemployment will increase and look like the rest of the country.
They might say that wichita hasnt been hit by the recession but with the strike with the aircraft companies and other layoffs around the area have really hurt a lot of the people around the area. I think people have lost a lot of their regular amount of income. They are still spending money now but i think after christmas there will be a huge amount not spent.
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