Posted on 03/29/2011 8:58:49 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The economic recession that began in 2007 was uniformly damaging to U.S. states, sparing just one or two from its effects, but the recovery is promising to be uneven across the country.
According to a special report released on Tuesday by Wells Fargo Securities LLC Economics Group, Nevada and Florida will take the longest to recover while two of the worst hit by the recession -- California and New York -- will recover fastest.
"California seems to be known for its large and reoccurring budget gaps, but the state's economy may not be as troubled as headlines suggest," it wrote about the world's eighth-largest economy. "While still significant, economic activity actually declined less in California than it did nationwide."
The state's "employment conditions are on the mend," it said.
Last week, California registered the largest employment increase of any state in February, 96,000 jobs.
Wells Fargo added that New York "has managed to turn itself into one of the brightest spots in the country."
Since its labor market bottomed in December 2009, New York has recovered 71,000 of the 336,700 jobs lost, Wells Fargo said. Wages and salaries have grown for three months, as well.
The housing bust, financial crisis and recession caused an unprecedented collapse in states' revenues, forcing them to cut spending, hike taxes and turn to the federal government for help. Individual investors in the $2.9 trillion municipal bond market have been spooked by the persistent budget problems.
"That's what has been interesting about this particular downturn for states -- almost every state was hit," said Scott Pattison, executive director of the National Association of State Budget Officers.
During the recession, which officially ended in 2009, the states moved in the same direction, Pattison said.
(Excerpt) Read more at news.yahoo.com ...
california has more unicorn farms!
apparently only 7 of the 57 states are having much of a recovery
Reuters/Rothschild/Thomson are such liars. There is no recovery.
Does any rational person see CA rebounding quickly? They are in a massive hole and can't even do the basics of making a budget as evidenced by Moonbeam throwing up his hands today in defeat. This reads like some Obummer spin to me. NY state is in an equally bad spot.
Earth to Lisa: California has not addressed its budget problems yet. We’ll see how resilient their economy is when confronted with massive public employee layoffs/huge tax increases.
What frickin’ recovery. The leftist just won’t own up to the fact there is NO recovery, and not very likely to be one any time soon either. Nothing has been done that will stimulate businesses, such as tax cuts and regulation repeals.
Headline News: The Obama economic recovery is well underway.
In other news: Unemployment remains at high levels. More US citizens then ever are receiving food stamps. The housing market enters a double dip and is not expected to recover for decades. Food and gas prices rise... again. President Obama along with family and friends plan another vacation. etc etc etc
“There is no recovery.”
You are right.
As soon as I saw it was MSM news via Yahoo, I did not read it.
In all American news, the MSM keeps pumping hot air into the leaky tires.
Sure, there will be plenty of phony corporate profits, built upon fake jobs, propped up by fraudulent government stimulus, followed by an all-too-real massive inflation.
Thank you!
I live in California. I am not certain that the state’s budget problems are linked directly to it’s private sector employment picture. One thing is certain, Jerry the Fairy’s proposed tax “continuation” (which looks to be derailed until at least November) would not help the situation. I guess those businesses who get their income from the state may look forward to lower “sales.” but our agriculture will be robust because there’s a national need for what we produce. The only caveat there is will the Feds leave our water alone.
“Since its labor market bottomed in December 2009, New York has recovered 71,000 of the 336,700 jobs lost,”
= 21% in nearly a year and half from the trough. The new recovery math!
But California has a wonderful Cap and Trade program\s
The perpetrators of this journalistic malpractice don’t seem to understand that all we have to do is look around us to see that they are full-of-crap propagandists for the Bolsheviks. I don’t see any recovery in NY, and even with the budget cuts advertised by their new governor (only Dems can cut budgets without being “mean-spirited)” American taxpayers (and former taxpayers) are fleeing the state. You would be shocked at how many illegals now infest the Hudson Valley...
Instead of high concentrations of global warming methane from Cow Farts, they have Unicorn Farts to contend with.
Probably smells like Obama’s breath.
HAH HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA !
what planet are they living on? what recovery? for wall street stock brokers? For washington DC desk jockyies?
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