Regional economists inevitably focus on jobs and job creation. This emphasis makes sense on one level because jobs provide income that puts food on the table. Payrolls from these jobs, when added to the income of businesses and to owners of property, and to the income of other factors of production, make up the bulk of our Gross Regional Product. However, not all jobs contribute equally to the regional economy. Economic symbiosis is also important.
A recent Bureau of Labor Statistics (BLS) report showed job losses to be moderating in November. With 7.8 million jobs lost since the beginning of the Great Recession in December of 2007, a loss of only 11,000 jobs in November is good news indeed. This news is on top of a positive revision to earlier data, showing that the labor market lost 159,000 fewer jobs in September and October than was previously thought. The "official" unemployment rate in December was 10.0%.
Communities are complex entities. Characterized by interests representing a wide diversity of thought and experience, and buffeted constantly by forces coming from every direction, our community rarely has an opportunity to actively define its future. Rather, communities often evolve through happenstance and serendipity, and cope with challenges coming from all directions. Once in a while, a community must come together to develop a common vision of its destiny, and to plan for a future that will outlive us all. Now is such a time.
While there are signs of economic recovery on Wall Street, the unemployment lines on Main Street have yet to shorten. The unemployment rate nationally is currently 10% and is estimated by some to peak at about 11% next summer. Although, the national unemployment rate for November dropped from 10.2% to 10%, President Obama was still concerned enough to host a Jobs Summit at the White House this month. The invitation list included a mix of business leaders and academics. Notable by their absence were two groups that are prominent in advocating on behalf of small businesses, which many recognize as the engine that drives job growth.
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