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article imageUnemployment rocks U.S. Southwest

By Jay David Murphy     Oct 31, 2009 in Business
Unemployment is rocking the southwest part of the United States. Meanwhile, corporations like Oracle, that are doing just fine, are canceling conventions in Las Vegas just to keep the perception that they are not doing great in this economy.
Unemployment rates for September have rocked the southwest in the U.S. starting with Nevada which hit a high of 13.9 percent. Experts are predicting it will reach 15 percent this winter.
California is seeing higher unemployment rates, in an article at Yahoo Saturday they are reporting that El Centro hit 30.1 percent for September.
According to HIS Global insight as many as 16 cities in California, Michigan, Arizona, Florida, Illinois, and Indiana will have unemployment rates above 15 percent for 2010.
Most of the cities and areas that have been hit with high unemployment is directly tied to the housing market and construction industry.
Cities in California that are being predicted to stay above 15 percent unemployment include: Merced, Modesto, Fresno, Redding, Stockton, and Hanford-Cocoran.
In Michigan, specifically Detroit and Flint will continue will high unemployment rates while Rockford Illinois is predicted to move from 15.2 percent to 17 percent in 2010.
Mid-America has fared better than the boom southwest and the best advice found says that if your looking for a job head to Texas.
In a grim article in the Las Vegas Sun on Saturday a team of experts are predicting the worst is yet to come. They say the economy is Las Vegas is about ready to take another hit with high-end homes not finding any luck with banks in re-financing their upcoming loan conversions.
Banks in Nevada's home market are also requiring as much as 30 to 40 percent down on condominium purchases further shutting down home sales.
With no job growth in Nevada and limited industry, construction and gaming, Nevada's lack of diversity is hurting any kind of economic come back.
Las Vegas Mayor Goodman is still pressing for his 64-acre medical and research campus downtown and a new 20,000-seat basketball arena hopping to open up some diversification.
Meanwhile Senator Harry Reid is pressing for environmental technologies to start-up or relocate to Nevada.
The consenus for Nevada is diversify or continue to see a stagnant or shrinking population.
Two bright spots for Las Vegas include the opening of direct flights by British Airways and the opening of City Center on the Las Vegas Strip (bringing 14,000 new jobs to the market).
With the convention business dramatically and artificially off in Las Vegas that industry is suffering huge cut backs.
In a private confession by an Oracle employee to Digital Journals Jay David Murphy, they cancelled this years Vegas convention, which cost them more money, but they did not want to give the perception they were doing well.
In another confession by a Hersey representative, they said they have had a great year.
The conclusion is that major companies are canceling conventions at a higher cost that having them to not give the perception that they are doing just fine while others are not.
This game of corporate cat and mouse pretending to be having a tough time is unnecessarily adding to the convention drops in Las Vegas and costing those companies even more money to cancel and giving out a false perception of economic troubles.
More about Unemployment, California, Las vegas, Jaydavidmurphy
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