THE RECESSION IS OVER! THE RECESSION IS OVER! (Nevada highest in foreclosures, bankruptcies, now tops US in unemployment)

[Harry Hype]

THE RECESSION IS OVER! THE RECESSION IS OVER! (Nevada highest in
foreclosures, bankruptcies, now tops US in unemployment)
http://www.wsws.org/articles/2010/jun2010/neva-j25.shtml
A new round of attacks on wages and working conditions is being
prepared in Nevada in the wake of the announcement of the latest
unemployment figures on Friday.
The Nevada Department of Employment released figures showing that
unemployment in Nevada reached 14 percent in May, up from 13.7 percent
in April, which pushed the state’s jobless rate to the highest in the
country.
The rate of joblessness in Nevada now surpasses even that of Michigan,
where unemployment declined marginally in May to 13.6 percent. The
midwestern state has had the highest rate for the last four years.
The May figures do not reflect the layoffs of workers temporarily
hired for census work or college graduates, who are now entering the
workforce.
Las Vegas, the largest city in Nevada, has been particularly hard hit
by the rapid downturn in the economy. The city’s unemployment rate was
14.1 percent in May, while in Washoe County, around Reno, the second-
largest city in Nevada, unemployment was 13.3 percent.
The rise in unemployment in Nevada is unprecedented. Since the
recession began in December 2007, state joblessness has increased 8.8
percent, the biggest gain of any state in the country. A total of
180,000 jobs have disappeared, including 83,000 in the construction
industry and 43,000 in leisure and hospitality.
One of the groups hardest hit in the current situation is teen
workers. According to the Employment Policies Institute, a research
organization that studies public policy issues surrounding entry-level
employment, unemployment among teens in Nevada was 34.6 percent in
April 2010. This is even higher than California, where 34.2 percent of
teens were out of work that month.
Nevada also leads the country in foreclosures, bankruptcy filings and
credit card delinquency.
RealtyTrac, an online real estate site for the sale of foreclosed
properties, reported that Nevada’s foreclosure rate came to one in
every 79 homes in May, more than five times the national average.
According to the Reno Gazette-Journal, more than half of homes with an
active mortgage in the Reno-Sparks area are worth less than the
balance of the mortgage.
The speed and magnitude of the economic deterioration in Nevada has
astounded economists.
Bill Anderson, chief economist with the Nevada Department of
Employment, told EducationNews.org, “If you’d asked me two years ago,
when Nevada had essentially been the fastest-growing state in the
nation for two decades running, one couldn’t have imagined that things
would deteriorate this far.”
Anderson has been quoted in past months as saying that the state’s
official figures of the unemployment rate underestimated the
situation. When workers who have stopped searching for a job and
people now working part-time who want full-time jobs are included, the
true figure could be 75 percent higher.
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Terrible Economic News For America Is Terrible News For DemoRATs